SINGAPORE, Aug. 19, 2011
/PRNewswire-Asia/ -- Saxo Capital Markets' parent company, Saxo
Bank, has reported a net profit of DKK 346 million for the first
six months of 2011. The result which is in line with expectations
represents an increase of 375% over the second half of 2010, and a
decrease of 37% compared with the first six months of 2010, when
market activity and volatility were unusually high.
Saxo Bank Group saw a significant
increase in average monthly volumes traded in CFD stock indices,
single stocks and commodities, cash stocks, FX options and futures
compared to the same period last year. Monthly FX volumes averaged
approximately DKK 1.2 trillion in the first half of 2011, with
lower trading volumes in the first quarter and a pick up in the
second.
While the overall trader and
investor activity level was moderate in the first half of 2011, the
Group saw continued growth in clients' collateral deposits and
assets under management, which are the foundation for future
business and profits. Total assets under management in Saxo Bank
Group's trading business increased from DKK 31.2 billion as of 31
December 2010 to DKK 32.4 billion as of 30 June 2011. Clients'
collateral deposits in the Group's asset management business
increased from DKK 31.3 billion as of 31 December 2010 to DKK 32.9
billion as of 30 June 2011.
Operating income for the first six
months of 2011 reached DKK 1,772 million for the Group. This is
lower compared to the same period in 2010, but represents an
increase in trading-related income following on from the second
half of 2010.
Kim Fournais and Lars Seier
Christensen, co-founders and CEOs of Saxo Bank A/S, said in a joint
statement:
"Saxo Bank achieved a satisfactory
half-year net profit fully in line with expectations, despite
general market conditions which reduced risk appetite in the
economy and dampened capital market activities. While keeping a
close eye on overall cost developments, Saxo Bank will keep its
focus on expanding our products and services as well as optimising
the efficiency and profitability of our operations. Overall, we
believe the Group has a solid foundation for current and future
operations and we expect to continue to create value for our
stakeholders."
Disclaimer:
Saxo Capital Markets Pte Ltd
("Saxo Capital Markets") is licensed as a Capital Market Services
provider and an Exempt Financial Advisor, and is supervised by the
Monetary Authority of Singapore.
You should carefully consider
whether trading in leveraged products is appropriate for you in the
light of your financial circumstances. You should be aware that
dealing in products that are highly leveraged carry significantly
greater risk than non-geared investments such as share trading. As
such, you could both gain and lose large amounts of money. You may
sustain losses in excess of the moneys you initially deposit and
also in excess of the margin required to establish and maintain any
positions in leveraged products.
For further information, please
see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital
Markets
Saxo Capital Markets Pte Ltd is a
wholly-owned subsidiary of Saxo Bank A/S, the
Copenhagen-headquartered online trading and investment specialist.
It serves as the Asia Pacific headquarters and holds a Capital
Markets Services license from the Monetary Authority of Singapore.
Saxo Capital Markets also holds a Commodity Broker licence from The
International Enterprise Singapore.
Clients can trade Forex, CFDs,
Stocks, Futures, Options and other derivatives via SaxoWebTrader
and SaxoTrader, its leading multi-asset online trading
platforms.
SaxoTrader is available directly
through Saxo Capital Markets or through one of its institutional
clients. White labelling is a significant business area for Saxo
Capital Markets, and involves customising and branding of its
online trading platform for other financial institutions and
brokers.
Saxo's position as an established FX
house and its leading role in the foreign exchange market has been
recognised by the industry's leading reviews. In 2011, the Saxo
Bank Group picked up six awards at the Euromoney annual FX survey
for the following categories: Best Improved Overall Market Share by
Volume ($10bn - $25bn) and ($5bn - $10bn), Best Speed of Execution,
Best Research and Analytics, Best Effective Risk Management and
Execution Strategies and Best Integrated Workflow and Compliance
Solutions. Saxo Bank was also named "Best Forex Broker in Northern
Europe" and "Best White Label Solution Provider" in the World
Finance Foreign Exchange Awards 2011.
For more information, please
visit www.saxomarkets.com.sg
Media contacts:
Saxo Capital Markets Pte Ltd
Celeste Fong
+65-6303-7713
[email protected]
SOURCE Saxo Capital Markets Pte
Ltd