Report
(Sponsored) Triodos Bank - After strong 2023, slowdown in 2024, dividend beat
H2-23 shy of expectations, yet a very strong beat in dividendIn H2-23, total income of EUR 236m fell 2% short of our estimates. The strong sequential improvement in net interest income in H1-23 (+EUR 36m h/h) clearly leveled off in H2-23 (+EUR 4m h/h).Operating costs of EUR 170m were EUR 1m higher than expected due to EUR 1m higher exceptional costs, so underlying it was in line. The C/I ratio of 72.3% exceeded our estimate of 70.1% because of the miss on top-line.Profit before provisions amounted to a record EUR 65m yet missed our estimate of EUR 72m due to
Underlying
Triodos Bank
Provider
Degroof Petercam
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Michael Roeg
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