Client deposits have gone up by almost 10 billion Dkr. to over 60 billion Dkr.
August 22, 2014: In the first half of 2014, Saxo Bank reached another record in assets under management, with client deposits exceeding 60 billion Dkr., an increase of almost 10 billion Dkr. equivalent to 19% in six months. Saxo Bank, based in Denmark, is an online trading and investment specialist.
Kim Fournais and Lars Seier Christensen, founders and co-CEOs, said in a joint statement, “We are pleased with the confidence that our clients continue to place in our platform, illustrated by the significant growth in assets under management which clients may look to deploy as volatility returns to the markets. This is the lowest level volatility we have seen in the markets in 22 years, but we have continued to strengthen our multi asset trading platform, giving customers more and better opportunities to invest.”
The inflow of additional collateral from existing clients as well as from new clients continued successfully in 2014. This comes against a backdrop of continued uncertainty concerning the global economic recovery as well as the geopolitical tensions in Ukraine, Iraq and elsewhere, which have kept trading relatively low in the first half of the year.
The net profit of 156 million Dkr. is considered disappointing but still consistent with market conditions.
- Operating income: 1.35 billion Dkr. (H1 2013: 1.75 billion Dkr.)
- EBITDA: 448 million Dkr. (649 million Dkr.)
- Profit before tax: 222 million Dkr. (406 million Dkr.)
- Net profit: 156 million Dkr. (266 million Dkr.)
- Clients’ collateral deposits (total) 60.4 billion Dkr. (44.0 billion Dkr.)
“We are focused on offering customers the best price, product and service, and in 2014 we continue to develop and enhance our offerings while at the same time having a strong focus on costs and profitability,” say Kim Fournais and Lars Seier Christensen.
Founded in 1992, Saxo Bank is headquartered in Copenhagen and has offices in 26 countries in Europe, Asia, the Middle East, Latin America, Africa and Australia.
It has used the period of low volatility in the markets to enhance its multi trading platform, allowing clients to access investment opportunities across multiple asset classes. Its multi-product mobile trading platform, tailored specifically to sophisticated retail clients, recently won the award for Europe’s best mobile trading platform by Global Banking and Finance Magazine. The Bank was also named Best White Label Solution Provider and Multi-Asset Liquidity Provider.
In July, Saxo Bank received the prestigious e-FX award for “Best Retail Platform” at the FX Week e-FX Awards in New York. Saxo Bank’s institutional business won the “Best Outsourcing Provider” award at the Sell-Side Technology Awards in April 2014. Finally, TradingFloor.com was named Most Innovative Social Trading Platform at IFM Awards 2014.
Source: Saxo Bank