DGAP-News: Varengold Bank AG / Key word(s): Half Year Results/Miscellaneous Varengold Bank AG: Preliminary figures for the first half of 2016 23.08.2016 / 13:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Hamburg, 23rd August 2016 - In the first half of 2016, business development at Varengold Bank AG was characterised by a refocusing of the two key business areas, Prime Brokerage and Commercial Banking, as well as the associated expansion of the target customer group to include a widely diversified base of institutional customers. This meant it was possible to increase the operational efficiency of individual areas appreciably during the first half of the year. According to preliminary, unaudited figures as at 30 June 2016, Varengold Bank total assets rose to EUR 634.1 million (30 June 2015: EUR 626.3 million) and thus remained more or less constant. At around 95%, customer deposits continued to represent the dominant item on the liabilities side. The capital increase against cash contributions in February 2016, in which 974,184 new shares were placed at a price of EUR 13.00 per share, was also significant. The Company's interest income rose from TEUR - 1,168 in the first half of 2015 to TEUR 893 in the same period in 2016 and was due essentially to Prime Brokerage business activities, and on the expense side due to the continued falling interest rate. Net commission recorded a significant increase to TEUR 5,720 in the first half of 2016, driven particularly by the strong expansion of Prime Brokerage activities (30 June 2015: TEUR 1,524). The net result for the trading portfolio fell significantly by TEUR 3,606 to TEUR 3,936. This was due in particular to the reduced activities in the Capital Markets Brokerage division that is set to close. Other operational income rose from TEUR 396 in the first half of 2015 to TEUR 926 in the first half of 2016. The Company's general administration expenses fell by TEUR 1,967 (from TEUR 10,327 to TEUR 8,359). The particular reasons for this were the reduction in personnel costs, IT costs along with legal and consulting fees. In total, income from the normal business activities of Varengold Bank AG amounted to TEUR 1,847 in the first half of the year (30 June 2015: TEUR - 2,426) with an annual profit of TEUR 1,651, which, compared with the first half of 2015, contrasted with an annual loss of TEUR 1,833. Overall, due to the strategic refocusing and operational improvement measures that have been introduced, the Management Board is viewing the second half of 2016 with confidence. Varengold Bank AG will publish its half-yearly report at the end of September 2016. --------------------------------------------------------------------------- 23.08.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Varengold Bank AG Große Elbstraße 14 22767 Hamburg Germany Phone: +49 (0)40 / 668649-0 Fax: +49 (0)40 / 668649-49 E-mail: [email protected] Internet: www.varengold.de ISIN: DE0005479307 WKN: 547930 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service --------------------------------------------------------------------------- 495053 23.08.2016