Hamburg, 14 December 2021 - Due to the once again very good business performance in the fourth quarter of 2021 in connection with a risk provisioning below expectations, Varengold Bank AG (symbol: VG8) is currently expecting earnings before taxes (EBT*) as a key performance indicator of between EUR 21 million and EUR 22 million for the 2021 financial year. Previously, the Bank forecasted EBT of EUR 16.4 million for the current financial year.

Based on the development of earnings in 2021, the Management Board has deduced an initial forecast and expects EBT at a comparable level in the coming 2022 financial year.

Dr. Bernhard Fuhrmann
Management Board

Frank Otten
Management Board

* EBT (earnings before taxes) is defined as period result before deduction of income taxes.
 

Disclaimer

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.

Contact:
Ms. Sanja Schultz-Szabo (Head of Corporate Development)