DGAP-News

Varengold Bank AG: Preliminary figures for the first half of 2014

Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous

08.08.2014 13:41

Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.

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Hamburg, August 8th, 2014- In retrospect, the main focus of the business
activities of Varengold Bank AG (WKN 547 930) in the first half of 2014 was
still concentrated on the strategic realignment of the Bank and for that
purpose necessary adjustments of the infrastructure; as well as on the
expansion of the product portfolio and connection to appropriate business
partners. It led to an overall satisfactory development in the past few
months.

The company recorded on the 30th of June 2014 a preliminary net loss of
-906 TEUR (1st half of the year 2013: -365 TEUR). This result was
significantly impacted by the increased administrative expenses related to
the further developments of the Bank. The net result of the trading
portfolio increased about 717 TEUR compared to the first half of 2013 up to
2,915 million EUR in total. Resulting from the activities in the new
Commercial Banking division, net interest income increased to 384 TEUR. The
Asset Management division delivered satisfactory profit contribution of 2
million EUR.

The wide-ranging measures and investments executed on overall bank level in
2013 will also noticeably affect the year 2014. The Board of Managing
Directors unchangedly expects a continuous growth of the positive earnings
trend of the recent months. The developed business opportunities will be
further intensified and the international radius of activities is to be
further expanded.

Varengold Bank AG will publish its half-yearly report in September 2014.


08.08.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language: English
Company: Varengold Bank AG
Große Elbstraße 27
22767 Hamburg
Germany
Phone: +49 (0)40 / 668649-0
Fax: +49 (0)40 / 668649-49
E-mail: [e-mail]
Internet: www.varengold.de
ISIN: DE0005479307
WKN: 547930
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)

End of Announcement DGAP News-Service

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