Varengold Bank AG: Preliminary figures for the first half of 2015

Varengold Bank AG  / Key word(s): Half Year Results/Miscellaneous25.08.2015 15:30Dissemination of a Corporate News, transmitted by DGAP - a service of EQSGroup AG.The issuer / publisher is solely responsible for the content of this announcement.---------------------------------------------------------------------------Hamburg, 25 August 2015 - The business development of Varengold Bank AG inthe first half of 2015 was characterised in particular by two key issues -the further strengthening of the capital base and the continued developmentof infrastructure.The total assets of Varengold Bank increased according to preliminary,unaudited financial results as at 30 June 2015 to TEUR 626,252 [TEUR =thousand euros] (30 June 2014: TEUR 157,351); this was based on growth incustomer deposits and the consequent rise in the trading portfolio, as wellas deposits with the Bundesbank. Cash flow from operating activitiesincreased by a total of TEUR 147,063 to TEUR 162,955. In addition, thecompany recorded a cash inflow from financing activities in the amount ofTEUR 3,539. This comes from the capital increase against cash contributionsin April 2015, when 176,963 new shares were placed with an internationalinvestor at a price of EUR 20.00 per share.The interest income of the company increased from TEUR 807 in the firsthalf of 2014 to TEUR 1,128 in the first half of 2015; this is basedprimarily on business activities in the Commercial Banking division. Inaddition, interest expenses increased due to customer deposits raised toTEUR 2,296, meaning that a negative net interest income of TEUR 1,168 wasachieved. Net commission income recorded an increase from TEUR 673 to TEUR1,524 and was primarily driven by the Capital Markets division. The incomefrom the trading portfolio likewise recorded another increase from TEUR4,873 in the first half of 2014 to TEUR 23,126 in the first half of 2015.The value recorded for the expenses in the trading portfolio for the firsthalf of the 2015 is TEUR 15,584 (30 June 2014: TEUR 1,959), meaning thatnet income from the trading portfolio increased overall from TEUR 2,915 toTEUR 7,542. Approx. two thirds of that are attributable to the CapitalMarkets Brokerage division and the rest to the Capital Markets division.The general administrative expenses of the company increased by TEUR 5,456(from TEUR 4,870 to TEUR 10,327). This was attributable in particular tothe increase in personnel costs and IT costs, as well as consulting andauditing fees. The personnel restructure carried out in the second half of2014 had an impact here, as did the projects initiated at the end of 2014(primarily regional expansion the Capital Markets division and IT).In total, the result of ordinary business activity of Varengold Bank AGamounted to TEUR -2,456 (30 June 2014: TEUR -1,333); the net loss for theyear amounted to TEUR 1,833 (30 June 2014 TEUR 906).Overall, the Board looks forward with confidence to the second half of the2015 financial year given the general conditions currently developing inthe market.Varengold Bank AG will publish the half-yearly report in September 2015.25.08.2015 The DGAP Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      Varengold Bank AG              Große Elbstraße 27              22767 Hamburg              GermanyPhone:        +49 (0)40 / 668649-0Fax:          +49 (0)40 / 668649-49E-mail:       info@varengold.deInternet:     www.varengold.deISIN:         DE0005479307WKN:          547930Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart;              Open Market (Entry Standard) in Frankfurt End of Announcement                             DGAP News-Service ---------------------------------------------------------------------------