Varengold Bank almost doubled its earnings year-on-year in the third quarter of 2021, after strengthening its position as a partner for lending and fronting services in the marketplace banking business area.
The German bank reported net income of €38.2m (£32.22m) in the third quarter – up from €19.3m in the third quarter of 2020.
Earnings before taxes were €12.6m for the quarter – up from €2.9m during the same period the previous year.
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“Our once again strong quarterly figures are proof that we are in the right strategic position to achieve sustainable growth,” said Dr Bernhard Fuhrmann, member of the management board of Varengold Bank.
“At the same time, during the reporting period, we have invested in digitalisation, in the training and continuing professional development of our employees and in our branches in order to ensure our competitiveness.”
Earlier this year Varengold told its investors that it expects to see “strong growth” in earnings for the fiscal year 2021, after missing its earnings target in 2020. Following the third quarter results, the bank has predicted earnings before tax of €16.4m for the 2021 financial year.
The quarterly results were announced during an ordinary general meeting which was held as a virtual event on 29 September. The management board used the meeting to give shareholders a virtual tour of the bank’s new business premises and to explain the ‘new work’ concept at Varengold.
“The world of work is changing,” said Dr. Fuhrmann.
“Companies need a modern work ethos in which things like cultural change, new management behaviour and increased personal responsibility of employees play a central role. With our forward-thinking ‘new work’ concept and our office spaces designed for collaborative working, we will use the opportunities that this change presents.”