Varengold Bank AG raises earnings forecast for financial years 2023 and following

Hamburg, 05 September 2023 – Varengold Bank has revised its business planning and the most recently forecasted result for the 2023 financial year, with earnings before taxes of EUR 10-15 million, has been recalculated. Compared to the old plan, the pre-tax result for the 2023 financial year increases to EUR 15-20 million. For the years 2024-2026, the Bank expects a pre-tax profit level of around EUR 8-13 million per year. The new plan now shows a significant improvement in earnings due to higher planned income, which is only partially compensated for by significant cost increases in the context of the ongoing special audit of business operations pursuant to Section 44 (1) sentence 2 of the German Banking Act (KWG) by the German Federal Financial Supervisory Authority (BaFin).

 

Dr. Bernhard Fuhrmann  Frank Otten

Management Board       Management Board

 

 

Disclaimer

This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.

 

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.

 

Note

This announcement does not constitute an offer or invitation to subscribe for or purchase any securities of Varengold Bank AG in the United States of America, Germany or any other jurisdiction. This announcement does not constitute a recommendation regarding the placement of the securities described in this announcement.