DGAP-News: Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous
Hamburg, 2nd August 2019 - In the first half of 2019, Varengold Bank AG increased its earnings before tax by 47.1 % compared to the previous year, to a total of EUR 1.78m (30th June 2018: EUR 1.21m). Consequently, the company is well on its way to exceed its EBT forecast of EUR 2.8m to EUR 3.2m for the financial year 2019.
A 150% increase in new customer acquisition in the area of Marketplace Banking compared to the previous year proved to be a key driver of success. Among the fintechs that Varengold Bank AG managed to convince of its service profile were Assetz Capital, Finanzarel and Klear.
In the light of these positive developments, the Management Board concludes that it has set the right course by positioning the company as "The Bank for the Marketplace Lending Industry". The shareholders' conviction thereof was demonstrated by the successful capital increase at the beginning of 2019. With additional funds of approx. EUR 7.8m, Varengold Bank AG is well endowed for further growth.
Here the focus will lie in continued support of marketplaces that offer digital finance solutions to companies and consumers. Varengold Bank AG provides them with debt and equity capital market products, international monetary transaction services, as well as fronting services for products that require a banking licence. With its know-how in lending, its regulatory expertise and its network across the European banking scene, the bank helps marketplaces to build sustainably successful businesses.
Varengold Bank AG identified as its key to success the ability to add value for customers that usually remain outside the target area of competitors. The bank offers fast business decisions and innovative solutions, all the while providing high-quality credit analysis and adherence to solid traditional credit rules.
This is only possible with the help of a highly skilled team. During the first half of 2019, Varengold Bank AG increased its average number of employees accordingly by 13.8% compared to the previous year. At the time of writing, 9 additional vacancies are yet to be filled.
About Varengold Bank AG
Varengold Bank AG is a German bank founded in 1995, which acquired its full banking license in 2013. It is headquartered in Hamburg, with additional branches in London and Sofia. Its core business areas are Marketplace Banking and Transaction Banking (Commercial Banking), and it focuses on cooperating with European fintechs, particularly lending platforms. The product range it offers includes funding, debt and equity capital markets products, fronting services for products subject to banking license requirements and international payment services.
The Board of Managing Directors is composed of Dr. Bernhard Fuhrmann and Frank Otten, who continuously do their part in modernizing the financial sector along with a 70-strong international team. Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under 109 520 and the Varengold share (ISIN:DE0005479307) has been listed on the Open Market of the Frankfurt Stock Exchange since 2007. For more information, see https://www.varengold.de/en/home/
This release contains forward-looking statements that involve certain risks and uncertainties. Future results may differ materially from those currently anticipated due to various risk factors and uncertainties, such as changes in business, economic and competitive conditions, currency exchange rate fluctuations, litigation uncertainties or investigations, and availability of financial resources. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this release.
Ms. Sanja Schultz-Szabo (Head of Corporate Development)
|Company:||Varengold Bank AG|
|Große Elbstraße 14|
|Phone:||+49 (0)40 / 668649-0|
|Fax:||+49 (0)40 / 668649-49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Stuttgart|
|EQS News ID:||851137|
|End of News||DGAP News Service|