DGAP-News: Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous
2016-08-23 / 13:00
The issuer is solely responsible for the content of this announcement.
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Hamburg, 23rd August 2016 - In the first half of 2016, business development
at Varengold Bank AG was characterised by a refocusing of the two key
business areas, Prime Brokerage and Commercial Banking, as well as the
associated expansion of the target customer group to include a widely
diversified base of institutional customers. This meant it was possible to
increase the operational efficiency of individual areas appreciably during
the first half of the year.
According to preliminary, unaudited figures as at 30 June 2016, Varengold
Bank total assets rose to EUR 634.1 million (30 June 2015: EUR 626.3
million) and thus remained more or less constant. At around 95%, customer
deposits continued to represent the dominant item on the liabilities side.
The capital increase against cash contributions in February 2016, in which
974,184 new shares were placed at a price of EUR 13.00 per share, was also
significant.
The Company's interest income rose from TEUR - 1,168 in the first half of
2015 to TEUR 893 in the same period in 2016 and was due essentially to
Prime Brokerage business activities, and on the expense side due to the
continued falling interest rate.
Net commission recorded a significant increase to TEUR 5,720 in the first
half of 2016, driven particularly by the strong expansion of Prime
Brokerage activities (30 June 2015: TEUR 1,524).
The net result for the trading portfolio fell significantly by TEUR 3,606
to TEUR 3,936. This was due in particular to the reduced activities in the
Capital Markets Brokerage division that is set to close. Other operational
income rose from TEUR 396 in the first half of 2015 to TEUR 926 in the
first half of 2016.
The Company's general administration expenses fell by TEUR 1,967 (from TEUR
10,327 to TEUR 8,359). The particular reasons for this were the reduction
in personnel costs, IT costs along with legal and consulting fees.
In total, income from the normal business activities of Varengold Bank AG
amounted to TEUR 1,847 in the first half of the year (30 June 2015: TEUR -
2,426) with an annual profit of TEUR 1,651, which, compared with the first
half of 2015, contrasted with an annual loss of TEUR 1,833.
Overall, due to the strategic refocusing and operational improvement
measures that have been introduced, the Management Board is viewing the
second half of 2016 with confidence.
Varengold Bank AG will publish its half-yearly report at the end of
September 2016.
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2016-08-23 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Varengold Bank AG
Große Elbstraße 14
22767 Hamburg
Germany
Phone: +49 (0)40 / 668649-0
Fax: +49 (0)40 / 668649-49
E-mail: info@varengold.de
Internet: www.varengold.de
ISIN: DE0005479307
WKN: 547930
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Stuttgart; Open Market (Entry Standard) in Frankfurt
End of News DGAP News Service