June 9 (SeeNews) - The Bulgarian branch of Germany-based fintech and renewables-focused Varengold Bank booked a net profit of 463,000 euro ($498,697) in full fiscal year 2022, the lender said, without providing an annual comparison.
Regarding operating revenue from Varengold's Bulgarian operations, it came in at 4 million euro for the past two years since May 2021, the bank which which has been active on the local market since 2018, said in a press release earlier this week.
The Bulgarian branch provided financing to developing companies of over 100 million levs ($55.1 million/51.1 million euro) since May 2021 to date, the lender added. Funds have been provided to more than 20 companies, including peer-to-peer (p2p) lending platform Klear as well as unnamed manufacturers in niche sectors.
In Bulgaria, Varengold Bank has also financed the construction of the 124 MW grid-connected Verila solar photovoltaic (PV) power plant in southwestern Bulgaria, which has been developed by Bulgarian-German renewables developer Sunotec. Bulgarian mobile phone operator Yettel and affiliated telecoms infrastructure provider Cetin Bulgaria will offtake power from the Verila solar park under a 10-year power purchase agreement (PPA) with Electrohold, the energy arm of Eurohold Bulgaria [BUL:EUBG].
Founded in 1995 and listed on the open market of the Frankfurt Stock Exchange, Varengold Bank is based in Hamburg and also has branch offices in London. The lender supports online marketplaces to which it offers products that require a banking licence. It is also active in commercial and transaction banking, for example providing account relationship and cross-border payments services to foreign trade-oriented clients.
($ = 0.9283 euro)