Varengold Bank AG: Preliminary unaudited figures for 2023 and a good start
to the year in Q1 2024

EQS-News: Varengold Bank AG / Key word(s): Annual Results/Quarter Results
Varengold Bank AG: Preliminary unaudited figures for 2023 and a good start
to the year in Q1 2024

09.04.2024 / 12:51 CET/CEST
The issuer is solely responsible for the content of this announcement.

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* Special audit still ongoing

* Audit of annual financial statements 2022 in final stages

* Preliminary EBT 2023 in the amount of EUR 25.8 million

* Preliminary EBT for Q1 2024 at EUR 5.9 million

Hamburg, 09/04/2024 - Varengold Bank AG (symbol: VG8) looks back on a
turbulent year 2023. The special audit ordered by the German Federal
Financial Supervisory Authority (BaFin) in accordance with Section 44 of the
German Banking Act (KWG) led to restrictions and restructuring measures in
the payment transaction business in mid-2023 and thus to a significant loss
of commission income in the context of further business planning. The
special audit is still ongoing, with two of the three audit items having
been completed to date.

Due to this special audit and the resulting findings, PricewaterhouseCoopers
GmbH Wirtschaftsprüfungsgesellschaft, as the auditor for the financial year
2022, was also unable to complete the necessary audit procedures at the Bank
within the regularly scheduled time frame. Following the consideration of
positive and negative value-enhancing factors as part of the work on the
financial statements 2022 and the performance of additional audit
procedures, the annual audit report for 2022 is currently being finalised.
The Bank assumes the outstanding audit opinion to be issued in the
foreseeable future.

Varengold Bank immediately took preventative measures as a result of the
restrictions in the payment transaction business in June 2023 and not only
reorganised the Commercial Banking division, but also implemented a cost
reduction programme and expanded the Marketplace Banking division with a
focus on the lending business. For the financial year 2023, the Bank reports
preliminary and unaudited earnings before taxes (EBT) as a key performance
indicator of EUR 25.8 million (preliminary EBT 2022: EUR 26.8 million). At
EUR 65.3 million, net income is around 20% below the previous year's level,
while administrative expenses fell by around 6% to EUR 33.7 million.

The Management Board is convinced that the Bank has taken the right measures
to counter the effects of last year's special audit.

The first quarter of 2024 got off to a satisfactory start. Varengold Bank
generated net income of EUR 14.1 million in the first three months.
Administrative expenses totalled EUR 7.3 million in this period. In general,
the Bank's business activities have recently benefited from the current
interest rate environment, with around 50% of net income in the first
quarter, for example, attributable to interest on overnight deposits at the
Bundesbank. The Bank expects this effect to decrease over the course of the
year. As at 31 March 2024, the Bank reported a preliminary EBT of EUR 5.9
million.

About Varengold Bank AG

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 a presence in Sofia. Core business areas are Marketplace
Banking and Commercial Banking (Transaction 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 / Banking-as-a-Service (BaaS) and
International Payment Services as well as Trade Finance. 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

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)


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09.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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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:    1876603

End of News EQS News Service
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1876603 09.04.2024 CET/CEST