| 18 Aug 2010 |
|
Saxo Bank announces half year results
- Text size
18 August 2010
Saxo BankSaxo Bank
, the trading and investment specialist, increased its net profit to DKK 551 million. - Pre-tax profits of DKK 729 million (DKK 55 million).
- Net profit of DKK 551 million (DKK 41 million).
- Operating income of DKK 1,992 million (DKK 969 million).
- EBITDA of DKK 811 million (DKK 128 million).
- The solvency ratio for Saxo BankSaxo Bank Group was 19.2% (18.9%).
The results achieved in the first six months of 2010 are rooted in increased market activity as well as decisions and actions taken since shortly before the onset of the financial crisis in the autumn of 2008. The Bank has:
- increased efficiency through IT investments, work process rationalisation, outsourcing and business focus;
- reduced its headcount by approximately 40% from the peak level in September 2008;
- completed 10 acquisitions, all of which have lived up to expectations;
- launched significant new products within FX, Equities and Commodities;
- expanded the business to include asset management;
- increased its geographical footprint with new offices in nine countries;
- increased its deposits and funds under management significantly;
- established IT development centres in India and Ukraine in addition to its Danish IT centre.
During the first six months of 2010, Saxo BankSaxo Bank
saw positive developments in key drivers such as the number of clients, number of trades and trading volumes. The Bank's clients' collateral deposits increased by approximately DKK 11 billion to DKK 26.6 billion including clients' collateral deposits from the Nordic activities of E*Trade, which Saxo BankSaxo Bank
acquired in April 2010. Saxo Asset Management, Saxo BankSaxo Bank's legally segregated asset management division, increased its assets under management from DKK 21 billion to 28.8 billion including DKK 4.2 billion from Saxo BankSaxo Bank A/S during the first six months of 2010. After inclusion of the profit related to the first six months of 2010, the solvency ratio of the Saxo BankSaxo Bank
Group was 19.2%. Saxo BankSaxo Bank has assessed that the internal capital requirement of the Group is 8% of risk weighted items. The capital base buffer as of 30 June 2010 was more than DKK 1.1 billion. - Ends -
About Saxo Bank
Saxo BankSaxo Bank
is an online trading and investment specialist. The Bank enables clients to trade Forex, CFDs, Stocks, Equities, Futures, Options and other derivatives via three specialised and integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader, a mobile phone trading platform. The platforms are available in over 20 languages and available directly through Saxo BankSaxo Bank or through one of the Bank's institutional clients. White label is a significant business area for Saxo BankSaxo Bank, and involves customising and branding of the Bank's online trading platform for other financial institutions and brokers. Saxo BankSaxo Bank has more than 120 white label clients and boasts thousands of retail clients in over 160 countries. Saxo BankSaxo Bank is headquartered in Copenhagen with offices in Australia, the Czech Republic, France, Greece, Italy, Japan, the Netherlands, Singapore, Spain, Switzerland, UK, and the United Arab Emirates. For more information, please contact:
Media enquiries
Sharon Pereira
Sharon@matrixdubai.com
04-3430888
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.