Saxo Bank turns to profit in H1 2016 on back of doubled operating income

Saxo Bank turns to profit in H1 2016 on back of doubled operating income

- in All News, Featured News, Forex Brokers
Saxo Bank Growth

Saxo Bank, a Danish bank specialized in providing online trading services,  said on Friday it turned to a consolidated net profit of DKK 158.2 million in the first half of 2016 from a net loss of DKK 484.6 million a year earlier. The group’s operating income nearly doubled to DKK 1.46 billion in January-June, compared to DKK 751.5 million in the same period in 2015.

“[The significant operating income growth] was adversely impacted by the decision by the Swiss National Bank to remove the fixed floor between the Swiss franc and the euro,” the company said in a statement, referring to the low results reported last year.

The group also reported that its client assets also continued to rise during the period under review and reached a record-high DKK 82 billion. The figure represents a growth of DKK 6 billion compared to the first half of the preceding year.

“The positive result for first half of the year is testament to our unwavering commitment to innovation and technology to enable our clients to meet their investment and trading needs,” said  Kim Fournais, CEO and co-Founder of Saxo Bank. “I strongly believe that we have the foundation for even stronger growth going forward, as recent product launches complement our existing strong offering and allow us to cater to new clients segments, such as the launch of the market’s first fully digital bond trading solution and SaxoSelect, our digital and automated investment service, aimed at clients looking for a discretionary way of participating in global financial markets,” he added.

Following are Saxo Bank’s consolidated financial metrics for the first six months of the year:

saxo-bank-h1-2016

Saxo Bank had consolidated assets amounting to DKK 36.8 billion at the end of June, up from DKK 33.5 billion at the end of 2015. Meanwhile, the group’s total capital ratio increased by 0.8 percentage points from the previous six months to 21.5% at the end of the reporting period. Its common equity Tier 1 ratio, the Tier 1 capital ratio were 16.0% and 18.5% respectively, compared with 14.8% and 17.4% as of the end of 2015.

Saxo Bank holds a banking license from Denmark’s Financial Supervisory Authority (FSA) and acts as a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, contracts for difference (CFDs), stocks, futures, and bonds. It also offers traditional banking services through its unit Saxo Privatbank. The group works with retail and institutional clients alike via 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.

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