DGAP-News: Varengold Bank AG
/ Key word(s): Annual Results/Development of Sales
Hamburg, 31/01/2022 - Varengold Bank AG [ISIN: DE0005479307] looks back on a successful financial year 2021 with record figures: The Hamburg-based financial services provider has almost doubled its net income (+99%) compared to the same period of the previous year (EUR 27.4 million) and generated an amount of EUR 54.5 million. Earnings before taxes (EBT) increased more than tenfold compared to 2020 (EUR 1.9 million). The EBT was EUR 22.0 million and thus at the upper end of the already highly corrected forecast (EUR 21 to 22 million). The result already includes a risk provision of EUR 9.4 million (previous year: EUR 4.9 million). After the annual financial statements have been approved, there are no more loss carry forwards.
"We not only held our ground successfully in a challenging environment caused by the pandemic, but also proved once again that we are strategically positioned correctly," says Dr. Bernhard Fuhrmann, Management Board of Varengold Bank AG. The financial services provider has grown significantly in the two business areas of Commercial Banking and Marketplace Banking. The main growth driver in Commercial Banking was the Transaction Banking area. But even the product expansions and product launches in the Trade Finance business have provided positive impetus. In Marketplace Banking, Varengold Bank has further strengthened its position as a partner in lending and for fronting services / banking-as-a-service and acquired various new customers. A very well-filled customer pipeline means that further growth can be expected. Dr. Fuhrmann: "We have managed to more than double the number of transactions and new customers compared to 'before Corona'. We have continued our conservative risk management and invested in the future of the bank with innovative digitalisation measures, staff expansion and a modern New Work concept. We have every reason to be optimistic about the future." For the year 2022, the bank also expects a pre-tax result in the range of 2021.
The result is preliminary and unaudited. The bank will publish the audited annual financial statements in June 2022.
Ms. Sanja Schultz-Szabo (Head of Corporate Development)
|Company:||Varengold Bank AG|
|Große Elbstraße 39|
|Phone:||+49 (0)40 / 668649-0|
|Fax:||+49 (0)40 / 668649-49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart|
|EQS News ID:||1274649|
|End of News||DGAP News Service|