• Raised EBT forecast of EUR 21 to 22 million achieved
• Net income doubled to EUR 54.5 million compared to the previous year
• EBT more than tenfold
• Conservative risk provisioning

Hamburg, 31/01/2022 - Varengold Bank AG [ISIN: DE0005479307] looks back on a successful financial year 2021 with record figures: The Hamburg-based financial services provider has almost doubled its net income (+99%) compared to the same period of the previous year (EUR 27.4 million) and generated an amount of EUR 54.5 million. Earnings before taxes (EBT) increased more than tenfold compared to 2020 (EUR 1.9 million). The EBT was EUR 22.0 million and thus at the upper end of the already highly corrected forecast (EUR 21 to 22 million). The result already includes a risk provision of EUR 9.4 million (previous year: EUR 4.9 million). After the annual financial statements have been approved, there are no more loss carry forwards.
In 2021, Varengold Bank again invested heavily in its future viability - administrative expenses rose to EUR 22.6 million (previous year: EUR 17.6 million), which is mainly due to the consistent implementation of the digital transformation and the New Work concept as well as the increase in personnel. As of 31 December 2021, 107 people were employed at Varengold Bank (31/12/2020: 92 people).

"We not only held our ground successfully in a challenging environment caused by the pandemic, but also proved once again that we are strategically positioned correctly," says Dr. Bernhard Fuhrmann, Management Board of Varengold Bank AG. The financial services provider has grown significantly in the two business areas of Commercial Banking and Marketplace Banking. The main growth driver in Commercial Banking was the Transaction Banking area. But even the product expansions and product launches in the Trade Finance business have provided positive impetus. In Marketplace Banking, Varengold Bank has further strengthened its position as a partner in lending and for fronting services / banking-as-a-service and acquired various new customers. A very well-filled customer pipeline means that further growth can be expected. Dr. Fuhrmann: "We have managed to more than double the number of transactions and new customers compared to 'before Corona'. We have continued our conservative risk management and invested in the future of the bank with innovative digitalisation measures, staff expansion and a modern New Work concept. We have every reason to be optimistic about the future." For the year 2022, the bank also expects a pre-tax result in the range of 2021.

The result is preliminary and unaudited. The bank will publish the audited annual financial statements in June 2022.

About Varengold Bank AG
Varengold Bank is a German financial institution founded in 1995 and granted a full banking licence in 2013. In addition to its head office in Hamburg, the bank has presences in London and Sofia. Core business areas are Marketplace Banking and Commercial Banking. Within Marketplace Banking, the focus is on the cooperation with European fintechs, especially lending platforms. Varengold Bank's service portfolio includes Funding, Debt and Equity Capital Markets products, Fronting Services for products subject to banking licence requirements and International Payment Services as well as Trade Finance. Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under no. 109 520 and its shares (ISIN: DE0005479307) have been listed on the Open Market of the Frankfurt Stock Exchange since 2007. For more information, see www.varengold.de.

Disclaimer
This release contains forward-looking statements that involve certain risks and uncertainties. Future results may differ materially from those currently anticipated due to various risk factors and uncertainties, such as changes in business, economic and competitive conditions, currency exchange rate fluctuations, litigation uncertainties or investigations, and availability of financial resources. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this release.