Saxo Bank announces H1 2018 results

Maria Nikolova

Client collateral deposits continued to rise to DKK 110.4 billion representing an increase of 7% compared to the end of 2017.

Saxo Bank Group (“The Group”) reported a positive net profit of DKK 150 million for the first six months of 2018.

In a period with low market volatility and the introduction of a new competitive pricing structure, operating income for the Group reached DKK 1.51 billion, a decrease of 0.3 per cent compared to the first half of 2017. Client collateral deposits continued to rise to DKK 110.4 billion representing an increase of 7 per cent compared to the end of 2017. Saxo Bank Group continued to strengthen its capital position with the total capital ratio for the Group reaching 27.6 per cent as of 30 June 2018 compared to 22.7 per cent at the end of 2017.

  • Operating income: DKK 1,506.4 million (DKK 1,557.6 million H1 2017)
  • EBITDA: DKK 397.9 million (DKK 495.9 million H1 2017)
  • Adjusted EBITDA: DKK 431.2 million (DKK 550.4 million H1 2017)
  • Profit before tax: DKK 209.4 million (DKK 312.2 million H1 2017)
  • Net profit: DKK 149.7 million (DKK 229.5 million H1 2017)
  • Clients’ collateral deposits: DKK 110.4 billion (DKK 103.6 billion at the end of 2017)
  • Total equity: DKK 4,763.3 million (DKK 4,621.4 million at the end of 2017)
  • Total capital ratio: 27.6% (22.7% at the end of 2017)

Commenting on the results, Kim Fournais, CEO and co-founder of Saxo Bank, said:

“The results reflect the low levels of volatility across financial markets that have marked the first half of the year. Another contributing factor is the introduction of a new and more transparent pricing structure that lowers prices significantly across asset classes in several key markets. Despite an immediate impact on income, it has resulted in an increase in new trading clients and reaffirms our long-term growth strategy of competing on product, platform, price and service.”

“We continue to develop and invest in our product offering and technology to improve the Saxo experience for traders, investors, and partners. The launch of SaxoTraderPRO brings a variety of customizable trading tools to active traders and institutional clients. Catering to the investor segment, we have added mutual funds as a new asset class on our platform which now facilitates access to more than 35,000 tradeable instruments.”

“For the rest of the year, we remain dedicated to continuously improving our products, platforms and service and helping clients and partners succeed.“

In October 2017 it was announced that Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd (“Geely Group”) offered to buy 51.5 per cent of the shares in Saxo Bank, with Sampo Group, a leading Nordic financial services group, offering to buy 19.9 per cent of the bank. The process of closing the transactions is pending final regulatory approvals and has been subject to approvals from 11 different financial and competition authorities.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<