Varengold Bank AG raises earnings forecast for financial years 2023 and
following

EQS-Ad-hoc: Varengold Bank AG / Key word(s): Forecast/Change in Forecast
Varengold Bank AG raises earnings forecast for financial years 2023 and
following

05-Sep-2023 / 11:46 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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Varengold Bank AG raises earnings forecast for financial years 2023 and
following

Hamburg, 05 September 2023 - Varengold Bank has revised its business
planning and the most recently forecasted result for the 2023 financial
year, with earnings before taxes of EUR 10-15 million, has been
recalculated. Compared to the old plan, the pre-tax result for the 2023
financial year increases to EUR 15-20 million. For the years 2024-2026, the
Bank expects a pre-tax profit level of around EUR 8-13 million per year. The
new plan now shows a significant improvement in earnings due to higher
planned income, which is only partially compensated for by significant cost
increases in the context of the ongoing special audit of business operations
pursuant to Section 44 (1) sentence 2 of the German Banking Act (KWG) by the
German Federal Financial Supervisory Authority (BaFin).

Dr. Bernhard Fuhrmann Frank Otten

Management Board 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.


End of Inside Information

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05-Sep-2023 CET/CEST The EQS Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
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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:    1719227

End of Announcement EQS News Service
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1719227 05-Sep-2023 CET/CEST