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Eco-bank profits from financial crisis

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Photo: DPA
13:59 CEST+02:00
The ecologically-minded UmweltBank based in Nuremberg is doing well out of the global financial crisis, it said on Tuesday.

The bank won 9,000 new customers in 2008, the biggest annual growth in its 15-year history, and boasted a further 4,000 new customers in the first quarter of this year. It now has 74,000 customers altogether, a statement said.

“Investors are looking for more meaning and security in their investments, and are switching to the UmweltBank ,” the bank said , adding that they expected growth to continue. “The UmweltBank is virtually unaffected by the global financial crisis.”

The UmweltBank invests exclusively in ecological projects, and also publishes an “environmental balance,” according to which its customers saved 1.6 million tonnes of CO2 in 2008.

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Three-quarters of the bank's credit approvals in 2008 were for solar energy systems and ecological construction works. The annual net profit was reported to be €6.6 million higher than last year. As it did last year, the bank is paying out €0.50 dividends per share. The bank's transaction volume rose by 13.4 percent to €1.27 billion last year compared to 2007.

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