Varengold Bank AG Revises 2022 Results, Boosts 2023 Earnings Outlook

• Varengold Bank AG has corrected its preliminary result for the financial year 2022 and raised its earnings forecast for 2023.
• The correction is due to ongoing special audits of business operations by the Federal Financial Supervisory Authority (BaFin) and PricewaterhouseCoopers GmbH.
• The original annual financial statements for 2022 have been adjusted, reducing the preliminary earnings before taxes (EBT) from EUR 33.3 million to EUR 27.0 million.
• The adjustment mainly relates to costs of the audit amounting to a total of EUR 7 million, for which a provision must be created in the financial year 2022.
• A provision was also made for possible fines due to the audit.
• The consideration of these costs will lead to an increase in the earnings forecast for the financial year 2023, with earnings before taxes now expected to be between EUR 25-30 million.

The next important date, Publication of quarterly financial report (as of Q3), at Varengold Bank is on 30.10.2023.