Varengold Bank Reports Satisfactory Third Quarter Results

Varengold Bank AG ended its third quarter with a satisfactory performance. The bank reported earnings before taxes (EBT) of EUR 14.6 million, representing a 29% drop compared to the previous year. Net income also declined by 21% to EUR 39.5 million. However, the interest business saw a positive growth rate of 5%.

The bank successfully reduced its administrative expenses by EUR 7.6 million, bringing them down to EUR 21.2 million. Despite the drop in income, Varengold maintains its EBT forecast for the full year 2024, expecting it to range between EUR 9 million and EUR 13 million.

Looking ahead, Varengold plans to expand its lending business within the Marketplace Banking segment. The bank is focusing on incorporating Environmental, Social, and Governance (ESG) financing into its business model.