Varengold Bank : Interim Report 2022

Interim Report for June 30

2022

Key Figures of Varengold Bank AG

Key figures per share	30.06.2022	30.06.2021
	in EUR	in EUR
Earnings per share	1.15	0.71
		31.12.2021
		in EUR
Market capitalization	38,163,457	44,390,126
Profit and Loss Statement	01.01.2022	01.01.2021
	to 30.06.2022	to 30.06.2021
	in TEUR	in TEUR
Interest income	3,462	3,877
Current income from shares and other non-	172	383
fixed income securities and shares in affiliated
companies
Commission income	28,578	19,303
Other operating income	808	63
Administrative expenses	-12,524	-9,908
Depreciation and value adjustments	-2,334	-5,602
Income from normal business operations	18,160	8,116
Balance for the year	11,563	7,088
Balance sheet	30.06.2022	30.06.2021
	in TEUR	in TEUR
Total assets	1,739,033	1,205,285
Net assets	67,394	45,754

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Preliminary Notes

The key figures contained in this half-year financial report, as well as the half-year financial report - consisting of the balance sheet, the profit and loss statement and the explanatory notes for the balance sheet, the profit and loss statement, as well as the interim management report - are unaudited.

Statement of the legal representatives:

The Board of Directors confirms that to the best of their knowledge, the presented interim report, developed using standard accounting principles, provides the most true and fair view of the assets, financial position, and results of operations of the company and that the interim report represents the most true and fair view of the company with respect to the important events within the first six months of the business year and the possible impact upon the business.

16 September 2022

Dr. Bernhard Fuhrmann and Frank Otten Board of Directors of Varengold Bank AG

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Contents

Key Figures of Varengold Bank AG	2
Preliminary Notes	3
01	Letter to the Shareholders	5
02	Core Business Areas	8
03	Shares			11
04	Interim Report	14
	Balance sheet as of 30 June 2022	15
	Profit and Loss Statement	17
	Notes			19
	1	General information	19
	2	Accounting and valuation methods	19
	3	Currency translation	21
	4	Notes to the balance sheet	22
	5	Notes to the Profit and Loss Statement	30
	6	Other information	33
	Interim Management Report	36
	A.	Fundamentals of the Varengold Bank	36
	B.	Economic report	36
		1.	Macro-economic and industry-related conditions	36
		2.	Business development	38
		3.	Position	39
	C.	Risk, opportunity, and outlook report	42
		1.	Risk report	42
		2.	Opportunity report	49
		3.	Outlook report	51
05	New Work Culture	53

01 Letter to the Shareholders

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