Varengold to ‘significantly exceed’ full-year guidance
Varengold Bank has said that it expects its full-year profit guidance will be “significantly exceeded” thanks to a bumper first half.
The German bank, which has backed a number of peer-to-peer and alternative lending platforms in the UK and the continent, said that its half-year result is “well above plan”.
“Varengold Bank is again showing a very positive business development, so that earnings before taxes of €18.8m (£16m) are already emerging as a key financial performance indicator at the end of the first half of 2022,” the bank said.
“The result is preliminary and unaudited. This means that the previous forecast of the annual result for 2022 (€19.8m) will probably be significantly exceeded.”
Read more: EstateGuru partners with Varengold to enter German market
Varengold said that the management board will present an updated forecast in the coming weeks.
The announcement follows a strong first-quarter performance reported in April.
The update showed Varengold’s pre-tax earnings were up 90 per cent annually to €7.8m and net income was up 60 per cent to €15.7m.
Varengold Bank has funding agreements with a number of alternative lending platforms including EstateGuru, Assetz Capital, MarketFinance and LendInvest.