DGAP-News: Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous
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
13.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Varengold Bank AG
Große Elbstraße 39
+49 (0)40 / 668649-0
+49 (0)40 / 668649-49
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart
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