Saxo Bank sees positive growth in 2017
23 February 2018 Copenhagen
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Saxo Bank has reported a net profit of DKK 401 million (鈧�53.8 million) for 2017, an increase of 33 per cent compared to 2016.
Client collateral deposits rose to DKK 103.6 billion (鈧�13.9 billion) while the operating income for the group was DKK 3 billion (鈧�402.8 million), a three percent increase compared to 2016.
Saxo Bank Group also reported that its total capital ratio reached 22.7 percent as of the end of 2017, compared to 19.5 percent at the end of 2016.
The results come after Saxo Bank announced the sale of its subsidiary Saxo Privatbank to Danish financial services group, Alm. Brand Bank earlier this month.
Saxo is also entering into a white label partnership with Alm,enabling its clients to trade and invest in stocks, bonds, exchange traded funds and mutual funds through Saxo鈥檚 platform, SaxoTraderGO.
In October 2017, Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding Group, offered to buy 51.5 percent of the shares in Saxo Bank, with Sampo Group, a Nordic financial services group, taking 19.9 percent.
The transactions are pending regulatory approvals and are expected to be finalised in H1 2018.
Commenting on Saxo Bank鈥檚 results, Kim Fournais, CEO and co-founder of Saxo Bank, said: 鈥淭he 2017 results are further evidence of the strength of Saxo Bank鈥檚 scalable business model as a financial technology and regulatory technology specialist focused on multi-asset trading and investment for direct clients as well as delivering 鈥榖anking-as-a-service鈥� to wholesale clients.鈥�
鈥淒espite low market volatility, Saxo has attracted record numbers of new direct and wholesale clients. A new high in client collateral deposits is a further testament to Saxo Bank鈥檚 multi asset offering which enables clients to trade in all market cycles.鈥�
He added: 鈥淭he results confirm that Saxo Bank is on the right path and we will continue to prioritise the ongoing development of best in class technology to ensure our clients and partners benefit from the best trading experience with regards to product, platform, price and service.鈥�
Client collateral deposits rose to DKK 103.6 billion (鈧�13.9 billion) while the operating income for the group was DKK 3 billion (鈧�402.8 million), a three percent increase compared to 2016.
Saxo Bank Group also reported that its total capital ratio reached 22.7 percent as of the end of 2017, compared to 19.5 percent at the end of 2016.
The results come after Saxo Bank announced the sale of its subsidiary Saxo Privatbank to Danish financial services group, Alm. Brand Bank earlier this month.
Saxo is also entering into a white label partnership with Alm,enabling its clients to trade and invest in stocks, bonds, exchange traded funds and mutual funds through Saxo鈥檚 platform, SaxoTraderGO.
In October 2017, Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding Group, offered to buy 51.5 percent of the shares in Saxo Bank, with Sampo Group, a Nordic financial services group, taking 19.9 percent.
The transactions are pending regulatory approvals and are expected to be finalised in H1 2018.
Commenting on Saxo Bank鈥檚 results, Kim Fournais, CEO and co-founder of Saxo Bank, said: 鈥淭he 2017 results are further evidence of the strength of Saxo Bank鈥檚 scalable business model as a financial technology and regulatory technology specialist focused on multi-asset trading and investment for direct clients as well as delivering 鈥榖anking-as-a-service鈥� to wholesale clients.鈥�
鈥淒espite low market volatility, Saxo has attracted record numbers of new direct and wholesale clients. A new high in client collateral deposits is a further testament to Saxo Bank鈥檚 multi asset offering which enables clients to trade in all market cycles.鈥�
He added: 鈥淭he results confirm that Saxo Bank is on the right path and we will continue to prioritise the ongoing development of best in class technology to ensure our clients and partners benefit from the best trading experience with regards to product, platform, price and service.鈥�
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