EQS-News

Varengold Bank AG: Preliminary unaudited figures for 2023 and a good start to the year in Q1 2024 - Seite 2

The Management Board is convinced that the Bank has taken the right measures to counter the effects of last year's special audit.

The first quarter of 2024 got off to a satisfactory start. Varengold Bank generated net income of EUR 14.1 million in the first three months. Administrative expenses totalled EUR 7.3 million in this period. In general, the Bank's business activities have recently benefited from the current interest rate environment, with around 50% of net income in the first quarter, for example, attributable to interest on overnight deposits at the Bundesbank. The Bank expects this effect to decrease over the course of the year. As at 31 March 2024, the Bank reported a preliminary EBT of EUR 5.9 million.

 

About Varengold Bank AG

Varengold Bank is a German financial institution founded in 1995 and granted a full banking licence in 2013. In addition to its head office in Hamburg, the bank has a presence in Sofia. Core business areas are Marketplace Banking and Commercial Banking (Transaction Banking). Within Marketplace Banking, the focus is on the cooperation with European Fintechs, especially lending platforms. Varengold Bank’s service portfolio includes Funding, Debt and Equity Capital Markets products, Fronting Services for products subject to banking licence requirements / Banking-as-a-Service (BaaS) and International Payment Services as well as Trade Finance. Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under no. 109 520 and its shares (ISIN: DE0005479307) have been listed on the Open Market of the Frankfurt Stock Exchange since 2007. For more information, see www.varengold.de.
 

Disclaimer

Disclaimer on forward-looking statements / no duty to update

This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.