• Net income almost doubled
• EBT increased by 400%
• Forecast EBT of EUR 16.4 million for 2021 confirmed

Hamburg, 13/07/2021 - Varengold Bank AG [ISIN: DE0005479307] continues to grow. In the first half of 2021, the Hamburg-based financial services provider almost doubled its net income to EUR 24.75 million (30 June 2020: EUR 12.97 million). Varengold Bank was able to increase its earnings before taxes (EBT) by 400% to EUR 8.12 million (30 June 2020: EUR 1.63 million). Once again, Transaction Banking proved to be a key growth driver. Within Marketplace Banking, the bank's second strategic growth market, there is further reason to be optimistic about the future: within the areas of "Lending" and "Fronting/Banking as a Service (BaaS)", additional customers have been acquired and the product range has been expanded.

To manage its growth, Varengold Bank is continuously working on refining its profile as an employer, in order to gain a competitive edge and attract the best professionals. This has proven to be successful. As of 30 June 2021, the Bank employed 102 highly qualified staff in Hamburg, Sofia and London. At the end of 2020, Varengold employed 91 staff at all three locations.

Varengold Bank continues to pursue a conservative risk policy and will continue to use part of its earnings to hedge risks in the first half of 2021. When considering its business development during the first half of 2021 as well as its well-filled transaction pipeline, the Bank continues to expect to achieve the forecasted EBT of EUR 16.4 million for 2021.

 

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 presences in London and Sofia. Core business areas are Marketplace Banking and Commercial 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 and International Payment Services. 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
This release contains forward-looking statements that involve certain risks and uncertainties. Future results may differ materially from those currently anticipated due to various risk factors and uncertainties, such as changes in business, economic and competitive conditions, currency exchange rate fluctuations, litigation uncertainties or investigations, and availability of financial resources. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this release.

Contact:
Ms. Sanja Schultz-Szabo (Head of Corporate Development)