Saxo Bank marks 138% increase in net profit in 2018

Maria Nikolova

Saxo Bank reports a record profit of DKK 955.8 million for 2018 following the sale of its shareholding in Saxo Payments.

Multi-asset trading expert Saxo Bank has earlier today posted its financial results for 2018, with profits marking a sharp increase from the preceding year.

Saxo Bank Group registered a net profit of DKK 955.8 million in 2018, a record profit for the Group, an increase of 138% compared to 2017. Client collateral deposits continued to rise to DKK 112.6 billion while the operating income for the group was DKK 2.8 billion, an 8% decrease compared to 2017.

Saxo Bank Group continued to strengthen its capital position with the total capital ratio for the Group reaching 35% as of the end of 2018 compared to 22.7% at the end of 2017, thus retaining a comfortable buffer.

Annual EBITDA for 2018 was DKK 1,408 million, up from DKK 931.6 million a year earlier, whereas total equity was DKK 5.6 billion, up from DKK 4.6 billion in 2017.

Commenting on the results, Kim Fournais, CEO and founder of Saxo Bank, noted that during 2018

Saxo Bank welcomed Geely Holding Group and Sampo plc as new shareholders giving the Group a strong foundation and governance to execute its long-term plans.

Saxo has also launched a wide range of new products, platforms, services and improvements in its pricing to its clients notably the two new platforms, SaxoTraderPRO and SaxoInvestor. These factors have supported a 67% increase in new direct trading clients.

Contributing factors to the small decline in revenue are the sale of Saxo’s last non-core activities, lower client activity levels given the generally difficult market conditions as well as the introduction of lower prices across products.

Mr Fournais added that Saxo has a solid foundation for executing the planned acquisition of BinckBank. BinckBank and Saxo Bank are highly complementary and the combination of the businesses is set to create win-win for all stakeholders as clients will be offered better products, prices, platforms and services, employees will benefit from enhanced career opportunities in a larger international organisation.

In 2018, Saxo Bank took the final steps to streamline the business to focus on the core areas of trading and investing. As part of this strategy, 2018 saw the successful sale of Saxo Privatbank, a fully licensed retail bank with branches across Denmark, and Saxo Payments, a provider of infrastructure for online cross-border payments. In line with Saxo Bank’s partnership strategy, both entities continue to leverage Saxo Bank’s technology and investment infrastructure as wholesale partners.

Read this next

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<