Hamburg, 8th June 2020 - At the beginning of the current year, Varengold Bank AG announced that it had achieved its planned business targets for 2019 and that the previously forecasted earnings before taxes would be exceeded. This has now been confirmed following the completion of the annual audit and more specifically the approval of the annual financial statements by the Supervisory Board last Friday. The company can therefore look back at the most successful business year in its history.

Varengold Bank AG ended the 2019 financial year with an annual profit of EUR 1,615,794.01 (previous year: TEUR 515.4). Net income of all business areas was above plan, resulting in the achievement of a financial performance indicator of 20% above the middle of the plan. In total, the result from normal business activities was EUR 3,594,038.36 (previous year: TEUR 2,283.4). The comparatively high tax expense is essentially due to value adjustments of the loan and investment portfolio which are not recognised for tax purposes.

The bank will publish its audited 2019 financial statements at the end of this month.
 

Disclaimer

This release contains forward-looking statements which are subject to 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 fluctuations, uncertainties resulting from legal disputes or investigations, and the 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)