29.03.2018
Varengold Bank AG DE0005479307
DGAP-News: Varengold Bank AG: New Supervisory Board member Vasil Stefanov, preliminary, non-attested business figures 2017
DGAP-News: Varengold Bank AG / Key word(s): Preliminary Results/Change of
Personnel
Varengold Bank AG: New Supervisory Board member Vasil Stefanov, preliminary,
non-attested business figures 2017
29.03.2018 / 16:43
The issuer is solely responsible for the content of this announcement.
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Hamburg, 29th March 2018 - After Mr. Alexander Koerner resigned from his
position as Supervisory Board member, the District Court of Hamburg legally
appointed Mr. Vasil Stefanov from Sofia (Bulgaria) as a member of the
Supervisory Board by resolution of 21st March 2018 upon request of the
Management Board. Mr. Stefanov is Member of the Board of Directors at
Euro-Finance AD and Head of M&A at Euroins Insurance Group. Because of his
professional expertise, Mr. Stefanov possesses special experiences at
international finance and capital markets. We are delighted to have welcomed
him at Varengold Bank AG's Supervisory Board as of 28th March 2018.
During the last year, Varengold Bank consistently developed its business
activities, invested in additional growth, while adjusting the strategic
direction to achieve a sustainable and dynamic development of the bank. The
customer focus primarily lies on the support of market places (peer-to-peer
platforms) that are dealing with the financing of enterprises and consumers.
Varengold Bank is thereby not confining its product portfolio to funding but
offers additional products such as debt and equity capital markets products,
international payment transactions services or fronting services of bank
license only products.
According to preliminary non-attested numbers Varengold Bank AG finished the
business year 2017 with an annual surplus in the amount of TEUR 23
(preceding year: TEUR -1.486). In sum the outcome of the ordinary business
activity of Varengold Bank AG amounted to TEUR 556 (preceding year: TEUR
-2.523). The comparably high tax result was dominated by high amounts of tax
attribution during the tax calculation of fund investments, as well as the
non-deductible write-off of a participation. TEUR 444 of the tax expenditure
are not cash effective, as they are the dissolution of deferred taxes.
The bank's interest revenue increased from TEUR 4.442 in 2016 to TEUR 5.311
in 2017, while the interest expenses were almost divided in half because of
the decreased interest rate level, so that an interest surplus of TEUR 3.841
(preceding year: TEUR 1.578) could be achieved. A considerable reduction of
the commission expenses led to an increase of the commission surplus
amounting to TEUR 10.122 (preceding year: TEUR 5.716). The net return of the
trading portfolio resulted from the Prime Brokerage division (TEUR 149). The
general administration expenses of the company could be reduced by TEUR
2.126 to the amount of TEUR 13.421.
As a bank that must persist in competition sustainably, process optimisation
is an ongoing topic, to which Varengold Bank devoted itself intensively once
again during the last business year. In addition to the already existing
branch in London, Varengold Bank decided in the 4th quarter of 2017 to open
another branch in Sofia, Bulgaria, to expand Varengold's activities to the
south-east European area, acting in the sense of its growth-oriented
business strategy. The necessary regulatory steps were concluded, and the
projected branch is currently in its registration process.
Based on the latest evaluation the Management Board sees a sustainable and
dynamic growth potential for Varengold Bank AG during the remaining year.
Varengold Bank AG will disclose its attested annual financial statement in
June 2018.
Contact:
Ms. Sanja Szabo (Head of Corporate Development)
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29.03.2018 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
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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,
Frankfurt (Basic Board), Stuttgart
End of News DGAP News Service
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670651 29.03.2018
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