Varengold Bank AG receives audit certificate for the 2022 annual financial
statements with unqualified audit opinion

EQS-Ad-hoc: Varengold Bank AG / Key word(s): Annual Results/AGM/EGM
Varengold Bank AG receives audit certificate for the 2022 annual financial
statements with unqualified audit opinion

20-Jun-2024 / 11:07 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Hamburg, 20 June 2024 - The events and developments in 2023 had a
significant impact on the course of the audit of the annual financial
statements for the 2022 financial year. Due to the ongoing special audit of
the business operations in accordance with Section 44 (1) sentence 2 of the
German Banking Act (KWG) and the resulting partial results, the necessary
audit procedures by PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft, Hamburg, could only be completed with a
significant delay. Among other things, additional positive and negative
value-enhancing factors had to be considered in the further course of 2023
and 2024 when preparing the financial statements.

The result from ordinary business activities (equivalent to EBT) with an
amount of EUR 25.4 million was 18.9% higher than in 2021 (same period of the
previous year: EUR 21.4 million). Taking into account income taxes and other
taxes, the net profit for the year totalled EUR 9.1 million (previous year:
EUR 17.2 million). The assessment basis for income taxes in the 2022
financial year is mainly characterised by the allocation to the fund for
general banking risks in accordance with Section 340g HGB, the provision for
potential fines, the provisions for legal risks, tax expenses for previous
years and other significant influencing factors such as non-deductible value
adjustments, write-downs and contributions. In the previous year, a loss
carried forward also had an impact.

The annual financial statements as of 31 December 2022 prepared in
accordance with the German Commercial Code (HGB) and the management report
for the 2022 financial year have now been finally audited by
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, issued with an
unqualified audit opinion and finally adopted by the Supervisory Board
today.

The Annual General Meeting originally planned for August 2023, which will
resolve on the 2022 financial year, will be held on 13 August 2024. The
official invitation with agenda will be published in the Federal Gazette as
soon as possible.

In addition, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft has
now begun the audit of the 2023 annual financial statements. Based on
current knowledge, Varengold Bank expects an audit in the course of the
fourth quarter of 2024.

Dr. Bernhard Fuhrmann
Management Board

Frank Otten
Management Board

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.

Note

This announcement does not constitute an offer or invitation to subscribe
for or purchase any securities of Varengold Bank AG in the United States of
America, Germany or any other jurisdiction. This announcement does not
constitute a recommendation regarding the placement of the securities
described in this announcement.


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


End of Inside Information

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20-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory
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   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), Hamburg, Munich, Stuttgart,
                   Tradegate Exchange
   EQS News ID:    1929837

End of Announcement EQS News Service
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1929837 20-Jun-2024 CET/CEST