Saxo Bank published H1 2017 results
Saxo Bank reports higher profits and client assets as digital transformation gathers momentum ahead of 25 year anniversary milestone
Saxo Bank Group (“The Group”) has reported a net profit of DKK 229million for the first six months of 2017, an increase of 45 per cent compared to the first half of 2016. Clients’ collateral deposits continued to rise to a record high of DKK 98.3 billion and despite low volatility the operating income for the group reached DKK 1.56 billion compared to DKK 1.46 billion in 2016.
The Group’s capital base continues to be strong and as of 30 June 2017, the Common Equity Tier 1 ratio, the Tier 1 capital ratio and the Total capital ratio for the Group were, 15.7%, 17.8% and 20%, respectively.
- Operating income: DKK 1,557.6 million (DKK 1,459.1 million H1 2016)
- EBITDA: DKK 495.9 million (DKK 429.1 million H1 2016)
- Adjusted EBITDA: DKK 550.4 million (DKK 489.6 million in H1 2016)
- Profit before tax: DKK 312.2 million (DKK 216.3 million in H1 2016)
- Net profit: DKK 229.5 million (DKK 158.2 million in H1 2016)
- Clients' collateral deposits: DKK 98,298 million (DKK 82,032 million in H1 2016)
- Total equity: DKK 4,469.9 million (DKK 4,077.8 million in H12016)
- Total capital ratio: 20.0% (19.5% at the end of 2016).
Commenting on the results, Kim Fournais, CEO and co-Founder of Saxo Bank, said:
“The results for the first six months of 2017 are testament to our efforts to continue to invest and continuously improve our client experienceand technology. In September, we will celebrate Saxo Bank’s first 25 years in business and our journey from being an early online trading pioneer to becoming the leading facilitator of global capital market access where Saxo delivers “Banking as a Service (BaaS). Saxo was a fintech long before the term was created and still to this day, we remain focused on constantly advancing our technology to ensure we are at the forefront of client focused digitisation of the financial servicesindustry.”
“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 theforefront of the development securing a best-in-class digital journey for our clients.”
In May 2017 it was announced that Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co., Ltd (“Geely Group”), made an offer for 30 per cent of the shares in Saxo Bank. The transaction is expected to be finalised in the fourth quarter of 2017
Saxo Bank is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. Saxo enables private clients to trade more than 35,000 instruments from one single margin account.
Additionally, Saxo provides institutional clients such as banks and fintechs with Open Banking solutions from multi-asset execution, prime brokerage services to trading technology. Founded in 1992, Saxo Bank has embraced Open Banking from the beginning and is focused on helping clients and partners through win-win partnerships and product innovation.
Since launching its first online trading platform in 1998, Saxo Bank works to empower everyone to navigate their financial future by opening up access to trading and investment. The Saxo Group’s client assets total more than 45 billion euros, and the Group employs more than 2100 people in financial centres around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.For more information, please visit www.home.saxo.