on Varengold Wertpapierhandelsbank AG (ETR:VG8)
Varengold Bank AG Reduces 2024 Preliminary Annual Results
On April 28, 2025, Varengold Bank AG announced a further reduction in its preliminary results for the 2024 financial year. The decision includes an additional allocation of EUR 4 million to the contingency reserve as a safeguard against potential risks. These risks involve historical cum-ex issues and the outcomes of the ongoing special audit as per Section 44 of the German Banking Act.
This adjustment lowers the bank's previously forecasted earnings before taxes to approximately EUR 2.1 million. Varengold Bank had previously deviated from its earnings forecast owing to year-end closing procedures disclosed on March 26, 2025.
The reserve increase aims to cushion the bank against risks associated with its ongoing transformation process. The current announcement insists on the uncertainty of forward-looking statements, highlighting potential variations in future outcomes due to risk factors and changing conditions.
R. H.
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