07.08.2013
Varengold Bank AG DE0005479307
DGAP-News: Varengold Bank AG: preliminary figures for the first half of 2013
DGAP-News: Varengold Bank AG / Key word(s): Half Year
Results/Miscellaneous
Varengold Bank AG: preliminary figures for the first half of 2013
07.08.2013 / 13:00
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Hamburg, 7th August 2013 - In the first half of 2013, the business
development of Varengold Bank AG (WKN 547930) was again coined through
industry-specific cash outflows in the section of Asset Management, through
continuing volatile trading activities of customers in the section of
Capital-Markets-Brokerage as well as through significant special-effects in
the scope of administration costs in all fields of business.
These developments led to an annual deficit of -365 TEUR. The overall
result was hereby significantly burdened with higher administration costs.
These include amongst others the costs for investments in the
infrastructure of the Bank within the scope of obtaining the commercial
banking license. Overall the revenues have been increased to 900 TEUR.
Compared with the first half of 2012, the net result of the trading
portfolio records a substantial increase of 689 TEUR to overall 2.198 Mio.
EUR (same period of the previous year: 1.509 Mio. EUR). The commission
results and interest revenues have been increased as well.
The investments in all fields of business will have a considerable impact
on the year 2013, however, they will lead to a sustainable development of
business activities and to diversified revenues from the customer deposit
and credit business as well. The board is expecting medium- to long-dated
improvements of results in the light of developments and business
opportunities already apparent. It is as yet too early to make a detailed
prognosis which would allow a comparison with market expectations.
Varengold Bank AG plans to publish its half-yearly report in September 2013
on the company homepage www.varengold.de.
End of Corporate News
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07.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Varengold Bank AG
Große Elbstraße 27
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: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of News DGAP News-Service
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224676 07.08.2013
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