Saxo Bank Trebled ProfitsBy Saxo Bank, PRNE
Wednesday, March 2, 2011
With Net Profit of DKK 644 million, the Trading and Investment Specialist Today Announced its Best Full-Year Results Ever
HELLERUP, Denmark, March 3, 2011 - Operating income reached DKK 3.3 billion for the Group in 2010, compared
to DKK 2.2 billion in 2009. This 50% year-on-year rise in operating income
can be attributed to larger client numbers, increased deposits and high
trading activity in the first half of the year.
Total costs for the year increased by DKK 0.5 billion to DKK 2.4 billion
for the Group, an increase of 24% from the previous year. Saxo Bank continued
to invest in geographical expansion, product and platform developments,
systems upgrades and new business. Despite these investments, profit before
tax increased by more than three times to DKK 914 million.
Total assets increased during the year - from DKK 16.0 billion in 2009 to
DKK 23.9 billion in 2010. The increase is due to a growth in client's cash
deposits as well as acquisitions by Saxo Bank such as the acquisition of
E*Trades Nordic activities and Broerup Sparekasse.
Clients' collateral deposits related to the online trading business in
Saxo Bank more than doubled to DKK 31.3 billion as at 31 December 2010.
Excluding Saxo-Etrade Bank, which was acquired during the year, the growth
was DKK 5.6 billion, equivalent to 36%. In addition, by means of organic
growth in Sirius, Capital Four and Global Evolution, Saxo Asset Management
grew its assets under management from approximately DKK 19.0 billion to more
than DKK 31.2 billion as at 31 December 2010.
The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier
Christensen, said in a joint statement:
"Since autumn 2008, Saxo Bank has been implementing a transformation plan
with the aim of maintaining growth while simultaneously ensuring
profitability and efficiency. The external events following the financial
crisis and the performance posted in 2010 prove that our initiatives are
steering the Bank on the right track. We consider this year's results very
"Saxo Bank will continue to focus on maintaining its technological
advantage in the financial industry and will open more local sales offices
through acquisitions or as green field start-ups with a view to improving
client sales and service".
As at 31 December 2010, the solvency ratio for the Group was 15.3%.
About Saxo Bank
Saxo Bank is a leading online trading and investment
specialist with a worldwide client base. The three specialised and fully
integrated trading platforms; the browser-based SaxoWebTrader
the downloadable SaxoTrader and the SaxoMobileTrader application are
available in over 20 languages. Saxo Asset Management accommodates high-net
worth private clients and institutional investors. In 2010 Saxo Bank
continued the diversification of its business with acquisitions of
Saxo-E*Trade Bank, a specialist in online investment, and Broerup Sparekasse,
a Danish savings bank. The Saxo Bank Group is headquartered in Copenhagen
with offices throughout Europe, Asia, Middle East and Australia.
Media enquiries: Kasper Elbjorn, Head of Group Public Relations, +45-3065-4300, press at saxobank.com
Tags: denmark, Hellerup, March 3, Saxo Bank