DGAP-News: Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous
Commission fees were the main driver of a EUR 2m increase in revenues compared to the 1st half of 2019. Most of these fees were generated through lending and financial transaction services within Commercial Banking, one of Varengold Bank AG's two core business areas.
Given the uncertainties associated with the continuing Covid-19 pandemic, Varengold will use this revenue increase for risk precautions. Nonetheless, its EBT of EUR 1,631,482 remains on the same level as in the previous year (June 30th, 2019: EUR 1,687,816).
A New Work-initiative, launched by the bank in 2019, contributed to the positive financial results: All employees were equipped with laptops and the collaboration software MS Teams. This, in addition to flexible working hours, has allowed for the continuation of uninterrupted business operations in spite of the Covid crisis.
This initiative, which has been enhanced by the initial lessons learnt from the pandemic, will bring about changes beyond the 1st half of 2020: Aside from further measures which will increase the bank's digitilisation, the bank's current waterfront premises are now being reviewed from a modern work place perspective.
Over the last 6 months Varengold has also placed a heavy focus on aiding German companies dealing with the financial fallout of the pandemic: After an expeditious "Hausbank" (EN: principal bank) accreditation by the KfW, the bank worked with the Berlin-based fintech Kapilendo to provide the German "Mittelstand" with a straightforward and digital access to the KfW's Corona Aid Programme. A novel and much-needed service that has proven popular since.
Ms. Sanja Schultz-Szabo (Head of Corporate Development)
|Company:||Varengold Bank AG|
|Große Elbstraße 14|
|Phone:||+49 (0)40 / 668649-0|
|Fax:||+49 (0)40 / 668649-49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart|
|EQS News ID:||1095717|
|End of News||DGAP News Service|