DGAP-News: Varengold Bank AG / Key word(s): Quarter Results/Quarterly / Interim Statement 
Varengold Bank AG records strong growth in Q1 2021 
2021-04-29 / 17:01 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
  . Transaction Banking still the biggest growth driver 
  . Marketplace Banking acquires prominent customers 
  . Implementation of 'New Work' concept and staff expansion 
Hamburg, 29/04/2021 - Varengold Bank [ISIN: DE0005479307] maintains its growth course. The Hamburg-based financial 
institution generated net income of EUR 9.8 million in Q1 2021. This represents an increase of around 51% compared with 
the previous year (EUR 6.5 million). 
Earnings before tax increased by almost 70% to EUR 4.1 million (previous year: EUR 2.4 million). The main driver was 
once again Transaction Banking (Commercial Banking), which posted net income of EUR 6.5 million - an increase of around 
81% compared with the previous year (EUR 3.6 million). This figure includes risk provisions of EUR 0.8 million. Due to 
the unpredictability of the COVID-19 pandemic, Varengold began to increase its risk provisions significantly without 
delay. 'We are still keeping our head well above water in the ongoing crisis. Demand in the Trade Finance division 
remains high. In the Transaction Banking division, we were again able to generate higher commission income in foreign 
trade,' says Dr Bernhard Fuhrmann, member of the Board of Managing Directors of Varengold Bank. 'All signs point to 
growth'. 
Marketplace Banking acquires prominent new customers 
Varengold is slightly above budget in the strategic growth market of Marketplace Banking. As a fintech partner, the 
financial services provider helps fintechs to finance their loan portfolio and develops individual products tailormade 
for their business models. With its offer of fronting services for credit card processing accounts for companies, 
Varengold gained prominent new customers such as the fintech pliant. Other transactions in the areas of lending 
services and fronting/banking as a service (baas) are also in the pipeline. Varengold has focussed on early-stage 
platforms to date. With the further development of the 2021 business strategy, the radius was also extended to include 
startups that are not yet active in the market. One example of this is the UK company Fintern Ltd, which is supported 
by Varengold in refinancing of its consumer loans. 
Implementation of 'New Work' concept and staff expansion 
The bank's growth is also reflected in the growing number of employees in Germany and abroad. As of 31 March 2021, the 
number of employees was 94 (previous year: 82). 
For some time now, Varengold has also been using digital measures to make processes more professional, particularly in 
human resources, to support growth and to encourage employee loyalty. Especially in times when personal contact is 
lacking, it is important to at least keep in touch digitally. Varengold also scores points with attractive social 
benefits that employees can choose and adapt to their respective personal circumstances ('cafeteria model'). These 
measures, as well as the recent move to a new office space, are part of the bank's 'New Work' concept that is 
Varengold's response to changes in the world of work. 
'We recognised the advantages of digitalising business processes and the need for digital skills among employees at an 
early stage and encouraged them,' says Frank Otten, member of the Board of Managing Directors of Varengold Bank. 'This 
is paying off now. As a fintech partner, we are part of the digital transformation and together we are shaping the 
banking of the future together.' 
 
About Varengold Bank 
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. 
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. 
Contact: 
Ms. Sanja Schultz-Szabo (Head of Corporate Development) 
=---------------------------------------------------------------------------------------------------------------------- 
2021-04-29 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 39 
              22767 Hamburg 
              Germany 
Phone:        +49 (0)40 / 668649-0 
Fax:          +49 (0)40 / 668649-49 
E-mail:       investorrelations@varengold.de 
Internet:     www.varengold.de 
ISIN:         DE0005479307 
WKN:          547930 
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart 
EQS News ID:  1190780 
 
End of News   DGAP News Service 
=------------

1190780 2021-04-29


 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1190780&application_name=news

(END) Dow Jones Newswires

April 29, 2021 11:02 ET (15:02 GMT)