DGAP-News: Varengold Bank AG
/ Key word(s): Quarter Results/Miscellaneous
Hamburg, 11/04/2022 - Varengold Bank AG [ISIN: DE0005479307] continued its successful course in the first quarter of 2022 and significantly increased all key figures. In terms of earnings before taxes (EBT), the Hamburg-based financial services provider achieved an increase of 90% to EUR 7.8 million (previous year: EUR 4.1 million). Net income increased by 60% to EUR 15.7 million compared to the same period of the previous year (EUR 9.8 million). This includes a risk provision of EUR 1.3 million (previous year: EUR 0.8 million). Once again, Transaction Banking proved to be a significant growth driver. At the same time, the positive development of the Marketplace Banking division showed that Varengold Bank has established itself as a partner in lending and fronting services / banking as a service (BaaS). In the first three months of 2022, new customers were acquired and a promising customer pipeline for future cooperations was built up. The transaction volume in new customer business was almost EUR 35 million. In addition, Varengold Bank further expanded its existing customer business in the first quarter with a volume of around EUR 94 million. "It is a pleasure to see that our work and investments over the last few years are paying off," says Frank Otten, Management Board of Varengold Bank. "In Transaction Banking and Marketplace Banking, we have developed positions that enable sustainable growth. In Marketplace Banking in particular, we benefit from the consistent digitalisation of our business processes, which allows us to make quick decisions. FinTechs perceive us as an agile and technology-driven partner." The fact that Varengold Bank is keeping an eye on costs despite the strong growth in EBT and net income is shown by the administrative expenses. This rose by only 17% to EUR 5.5 million in the first quarter of 2022 (previous year: EUR 4.7 million), despite an increase in staff and investments in the bank's infrastructure. As of 31 March 2022, 113 people were employed at Varengold Bank (previous year: 93 people). Frank Otten: "We consistently invest in our competitiveness - through employee recruitment, the continuous training and development of our employees and through the further digitalisation of our business processes. The continued positive development of our results and the growth of the bank shows that we acted with foresight and correctly in the past." Regarding the war in Ukraine, Varengold Bank assumes that the sanctions imposed on Russia will not have a significant direct impact on its business activities. Long-term indirect effects such as price increases, resource shortages and a possible resulting stagflation or even recession cannot be estimated at present. Ms. Sanja Schultz-Szabo (Head of Corporate Development)
11.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Varengold Bank AG |
Große Elbstraße 39 | |
22767 Hamburg | |
Germany | |
Phone: | +49 (0)40 / 668649-0 |
Fax: | +49 (0)40 / 668649-49 |
E-mail: | investorrelations@varengold.de |
Internet: | www.varengold.de |
ISIN: | DE0005479307 |
WKN: | 547930 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart |
EQS News ID: | 1325247 |
End of News | DGAP News Service |
|
1325247 11.04.2022
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.