Saxo Bank Announces Half Year Results
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2010-08-18 18:38
SINGAPORE, Aug. 18 /PRNewswire-Asia/ -- The parent company of Saxo Capital Markets, Saxo Bank, the trading and investment specialist, reported a DKK 551 million increase in net profits from its 2009 H1 half year results.
-- 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 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 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.
After inclusion of the profit related to the first six months of 2010, the solvency ratio of the Saxo Bank Group was 19.2%. Saxo 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.
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers. Saxo Bank has more than 120 white label clients and boasts thousands of retail clients in over 180 countries. Saxo 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.
The Saxo Bank Group was recently awarded "Best Bank for FX Investors" and "Best Retail Platform" in FX Week. The Institutional arm of the business also won "Best White Label Solution Provider" by World Finance and "Best Re-labeling Platform" by Profit and Loss.
For more information, please visit http://www.saxomarkets.com.sg
Media contacts:
Saxo Capital Markets Pte Ltd
Celeste Fong
Tel: +65-6303-7713
Email: [email protected]
SOURCE Saxo Capital Markets Pte Ltd