Saxo Bank reports 45% rise in net profit for H1 2017

Saxo Bank reports 45% rise in net profit for H1 2017

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Saxo Bank – a major global financial services provider and broker based in Copenhagen – announced a 45% increase in its H1 2017 net profit on an annual basis.

According to the company data, the H1 2017 net profit stood at DKK 229.5 million ($36.6 million) and the profit before tax was DKK 312.2 million. At the same time, the operating income for the period stood at DKK 1.6 billion – an increase of 6.8% compared to the first half of 2016.

“The results for the first six months of 2017 are testament to our efforts to continue to invest and continuously improve our client experience and technology”, said Kim Fournais, CEO and co-Founder of Saxo Bank. “The results for the first half of 2017 underlines we are on the right track, but we will continue to invest in and prioritise the development of our technology and further digitisation to ensure that we remain at the forefront of the development securing a best-in-class digital journey for our clients”, he added.

Saxo Bank, founded in Copenhagen in 1992, is a brokerage firm and a market maker. It holds a banking license from Denmark’s Financial Supervisory Authority (FSA). It offers trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO.

In May Lars Seier Christensen, co-founder and stakeholder in the privately held Saxo Bank sold his 25.71% stake to the Chinese automotive company Geely Group, which also owns Volvo and the London Taxi Company. It is expected the deal to be finalized in the last quarter of this year. After that, Geely will hold 30% of Saxo.

Earlier this year the company said it will close its Cyprus office to cut costs. Saxo Bank also said it is planning to exit Turkey over the harsh regulatory restrictions introduced in the country this winter.

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