Saxo Bank Financial institution Team reported a stronger capital position of The Group’s capital ratio, as at 31 December 2018 was 35.0% versus the 22.7% reported at the end of the fiscal year 2017.
Copenhagen-based online broker Saxo Financial institution today revealed a revenue of DKK 955.8 million (about £109 million) for 2018, which is a 138% boost to the 2017 revenue numbers. The Team reported growth in customer deposits to a high of DKK 112.6 billion (£13m) while its operating revenue was in at DKK 2.8 billion (around £320m) which is an 8% decrease from 2017 numbers. They revealed record growth in new clients both within its wholesale and direct companies.
The highlights of the report consisted of:
Net operating earnings of £320.33 million (£343.83 million in 2017).
EBITDA/profits of £160.26 million (£106.12 million in 2017).
Net revenue of £109.23 million (£46 million in 2017).
Client collateral deposits of £12.14 billion (£11.21 billion in 2017).
Total equity of £641.63 million (£526.09 million in 2017).
The Founder and also Chief Executive Officer of Saxo Financial Institution, Kim Fournais described that:
“2018 has been a defining year for Saxo Bank. We are very proud to have welcomed Geely Holding Group and Sampo plc as new shareholders giving us a strong foundation and governance to execute on our long-term plans. We have launched a wide range of new products, platforms, services and improvements in our pricing to our clients notably the two new platforms, SaxoTraderPRO and SaxoInvestor. All of this enables us to deliver a world class client experience which has supported the 67 per cent increase in new direct trading clients.
Contributing factors to the small decline in revenue are the sale of our last non-core activities, lower client activity levels given the generally difficult market conditions as well as the introduction of lower prices across products.
We continue the new year with record high investments in our technology and people to improve the Saxo Experience to be the partner of choice for traders, investors and wholesale partners whilst reducing cost and complexity in a scalable manner.
With a stronger capital base than ever before, we have a solid foundation for executing the planned acquisition of BinckBank. BinckBank and Saxo Bank are highly complementary and the combination of the businesses will create win-win for all stakeholders as clients will be offered better products, prices, platforms and services, employees will benefit from enhanced career opportunities in a larger international organisation and, crucially, we gain necessary scale.”
Source: Pete Townsend – Whichbroker.com
Tom Arran
