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DGAP-News: Varengold Bank AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Earnings before tax increased by almost 70% to EUR 4.1 million (previous year: EUR 2.4 million). The main driver was once again Transaction Banking (Commercial Banking), which posted net income of EUR 6.5 million - an increase of around 81% compared with the previous year (EUR 3.6 million). This figure includes risk provisions of EUR 0.8 million. Due to the unpredictability of the COVID-19 pandemic, Varengold began to increase its risk provisions significantly without delay. 'We are still keeping our head well above water in the ongoing crisis. Demand in the Trade Finance division remains high. In the Transaction Banking division, we were again able to generate higher commission income in foreign trade,' says Dr Bernhard Fuhrmann, member of the Board of Managing Directors of Varengold Bank. 'All signs point to growth'.
Marketplace Banking acquires prominent new customers
Implementation of 'New Work' concept and staff expansion
For some time now, Varengold has also been using digital measures to make processes more professional, particularly in human resources, to support growth and to encourage employee loyalty. Especially in times when personal contact is lacking, it is important to at least keep in touch digitally. Varengold also scores points with attractive social benefits that employees can choose and adapt to their respective personal circumstances ('cafeteria model'). These measures, as well as the recent move to a new office space, are part of the bank's 'New Work' concept that is Varengold's response to changes in the world of work.
'We recognised the advantages of digitalising business processes and the need for digital skills among employees at an early stage and encouraged them,' says Frank Otten, member of the Board of Managing Directors of Varengold Bank. 'This is paying off now. As a fintech partner, we are part of the digital transformation and together we are shaping the banking of the future together.'
About Varengold Bank
29.04.2021 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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