Accounts

Saxo Bank doubles earnings in H1 2013

Saxo Bank more than doubled earnings in the first half of 2013 compared to the first half of 2012, while net profit grew more than six times compared to same period last year.

In the first half of 2013, Saxo Bank achieved earnings before tax, depreciation, amortisation, income from associates and joint ventures as well as gains and losses from divestments (adjusted EBITDA) of DKK676m, which was more than double the DKK267m EBITDA in 2012.
 
Net profit in the first six months of this year grew more than six times to DKK267m.
 
Overall trading activity at the bank increased in the first half of 2013, continuing the pick-up in FX volumes and volatilities seen in late 2012. Trading volumes in other products on the trading platform, such as FX options and CFDs, also saw increased levels compared to 2012. As a result, operating income for the first half of 2013 reached DKK1,749m for the group, which is 23 per cent higher than in the first half of 2012.
 
Saxo Bank enhanced its focus on the bank's core business activities and its proprietary trading technology and multi-asset trading platform. It also continued expanding the offering of new products such as new currency crosses, ETF portfolios and a mobile version of the main commercial website and maintained a high level of investment in developing the trading platform. The focus on the core business in 2013 led to a number of activities being divested, that included asset management companies CPH Capital, a stake in Capital Four and, in July, Global Evolution. Furthermore, the bank's majority stake in EuroInvestor was sold in June.
 
Kim Fournais and Lars Seier Christensen, co-founders and chief executives at Saxo Bank, say: "We are obviously very satisfied with this result and Saxo Bank will continue to pursue growth opportunities by adding more products on the trading platform, targeting new markets and attracting new client segments. At the same time, Saxo Bank will focus on building more valuable relationships with financial institutions, professional traders and high-end clients while continuing to benefit from our strong brand in the mass-market segments."
 
Saxo Bank expects the slow recovery of the global economy to continue and prevail, although with drawbacks, during 2013. Investor confidence is expected to grow, with less risk aversion than has been seen in recent years. However, looking at the entire year, the bank still finds the overall market situation uncertain and visibility remains low.

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