Saxo Bank has announced its half year results, with the trading specialist reporting pre-tax profits of DKK 729 million and a net profit of DKK 551 million. The results for the first half of 2010 also revealed the company’s operating income reached DKK 1,992 million and an EBITDA of DKK 881 million. The solvency ratio for Saxo 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. Since then 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 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 Bank acquired in April 2010. Saxo Asset Management, Saxo 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 Bank A/S during the first six months of 2010.
Via EPR Network
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