Hamburg, 27 July 2022 – Due to the higher-than-expected earnings development in the first half of 2022, the Board of Managing Directors of Varengold Bank AG (symbol: VG8) has prepared a new forecast for the 2022 financial year. The preliminary and still unaudited earnings before taxes (EBT*) as of 30 June 2022 has been corrected to EUR 18.2 million.

Regarding the still unclear economic and social effects of the pandemic and the Russian aggression in Ukraine, Varengold Bank is maintaining its conservative risk provisioning and is allocating approximately EUR 10 million to risk provisioning in the 2022 financial year.

Based on current knowledge, the Board of Managing Directors is assuming an EBT as key performance indicator of EUR 28 to 32 million for the 2022 financial year. So far, the Bank forecasted an EBT of EUR 19.8 million for the current financial year.
 

Dr. Bernhard Fuhrmann  
Management Board

Frank Otten
Management Board

 

* EBT (earnings before taxes) is defined as the result for the period before deduction of income taxes.

 

Disclaimer

This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.

Disclaimer on forward-looking statements / no duty to update

This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.

Contact:
Ms. Sanja Schultz-Szabo (Head of Corporate Development)