Saxo Bank Maintains Profitability In First Half Of 2009
Released
on: August 21, 2009, 5:50 am
Author: Saxo Bank
Industry: Financial
Saxo
Bank, the online specialist in trading and investment, has reported
its half year results showing that clients' collateral deposits
and assets under management in total exceeded DKK 25 billion and,
in a very difficult year, profit before tax reached DKK 55 million
Operating
costs increased primarily due to new office openings, product
launches, as well as contributions to the Danish State Guarantee
Scheme and with unchanged income, profit before tax declined from
the same period in 2008.
- Pre-tax profits of DKK 55 million
(DKK 162 million).
- Operating income of DKK 969 million (DKK 969 million).
- EBITDA of DKK 128 million (DKK 221 million).
- Clients' collateral deposits increased to more than DKK 11
billion (DKK 8 billion).
- Assets under management in the Asset Management department exceeded
DKK 14 billion (DKK 0).
- The solvency ratio for Saxo Bank Group was 18.9% (10.1%).
In
a joint statement, Saxo Bank
co-CEOs and co-founders, Kim Fournais and Lars Seier Christensen,
commented: "We did expect 2009 to be a difficult year. However,
the results reassure us that we took the right decision when we
chose to steer the Bank into a new phase based on a more flexible
structure before the financial crisis took hold. We also find
it encouraging that the Bank managed to strengthen and optimise
its entire value chain, product offering and geographical footprint
during what were six very challenging months for the financial
markets as a whole. And, equally importantly is of course, that
our new Asset Management department got off to a good start with
DKK 14 billion in assets under management, a number that since
has grown to DKK 16 billion".
During
the first half of 2009, Saxo Bank introduced a number of enhancements
to its award-winning online
trading platform, the most significant of which were related
to Commodity CFD's and FX options. In addition to a broader product
offering, the Bank widened its geographical footprint and established
its presence in Milan, Madrid and Prague, and acquired two Dutch
broker houses and a Tokyo-based provider of FX services. In May,
Saxo Bank became the first Danish bank to receive regulatory approval
to operate a regional office in the Dubai International Financial
Centre.
Saxo
Bank also acquired Danish wealth management company Fondsmæglerselskabet
Sirius Kapitalforvaltning A/S in January 2009 with the intention
of establishing a stronger
Nordic presence in portfolio management. In addition, the Bank
purchased the entire share capital of Capital Four Management
Fondsmæglerselskab A/S and a 51% stake in Global Evolution
Fondsmæglerselskab A/S. Saxo Bank also acquired almost 40%
of EuroInvestor.com, a leading share and investment portal in
Europe.
Saxo
Bank remains an investment bank not dependent on a loan financing
business but is covered by the Danish government's two-year guarantee
for unsecured claims against Danish financial institutions.
About
Saxo Bank
Saxo Bank is an online trading and investment
specialist, enabling Forex
Trading for clients, CFDs, Stocks, Futures, Options and other
derivatives, as well as providing portfolio management via SaxoWebTrader
and SaxoTrader, the leading online trading platforms. SaxoTrader
is available directly through Saxo Bank or through one of the
Bank's global partners. White Labelling is a significant business
area for Saxo Bank, and involves the Bank's online trading platform
being customised and branded for other financial institutions
and brokers. Saxo Bank has more than 120 White Label Partners
and boasts thousands of clients in over 180 countries. Saxo Bank
is headquartered in Copenhagen with offices in Australia, France,
Italy, Japan, Singapore, Spain, Switzerland, UK and the United
Arab Emirates.
Contact Details: Media enquiries
Kasper Elbjørn
Head of Group Public Relations
Saxo Bank A/S London
40 Bank Street
Canary Wharf
London E14 5DA
United Kingdom
http://uk.saxobank.com
2012
