SOURCE: Saxo Capital Markets

Saxo Capital Markets

March 08, 2012 23:30 ET

Saxo Bank Continues to Profit

With Net Profit of DKK 618 Million, the Investment Specialist Stays on the Course From the Previous Record Year

SINGAPORE--(Marketwire - Mar 8, 2012) - Saxo Bank's operating income increased 6% in 2011 to reach DKK 3.53 billion, compared to DKK 3.34 billion in 2010. The Bank continued to invest in developing the business which meant that staff costs and administrative expenses increased 12%. Thus, net profit was DKK 618 million, down 4% from the previous record year. EBITDA of DKK 1.16 billion increased 4% compared to 2010.

Clients' collateral deposits in Saxo Bank's trading business increased 26% to reach DKK 26.7 billion as of 31 December 2011. Including clients' collateral deposits relating to the trading platform offered by Saxo Bank's retail bank, the increase was 13% from DKK 31.3 billion as of 31 December 2010 to DKK 35.3 billion as of 31 December 2011. Total assets under management in Saxo Bank's asset management business increased 6% from DKK 31.2 billion as of 31 December 2010 to DKK 33.2 billion as of 31 December 2011.

The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said in a joint statement:

"The general market situation has reduced investors' risk appetite and put a dampener on capital market activities. Therefore, we are satisfied with this year's results, which confirm the viability of Saxo Bank's business model.

"Our response to the challenging market situation has been to focus on business growth through geographical expansion and continued product and platform enhancement. The strategic direction of Saxo Bank aims at broadening and diversifying the product and service offerings to reach a broader international client audience. This goes hand in hand with the ambition to tailor offerings directly to the needs of the clients. At the same time, we are proud to be taking an active role in the effort to bringing greater market and product transparency to the online financial services industry."

In August 2011, Saxo Bank announced that TPG Capital, one of the world's leading investment firms, would become a major shareholder in Saxo Bank. In mid-December, all supervisory authorities' approvals were obtained. TPG Capital has acquired a 30% stake in Saxo Bank. The founders of Saxo Bank maintain majority ownership of the Bank. Fournais Holding A/S and Lars Seier Christensen Holding A/S own 29.95% of Saxo Bank each. The remaining shares are mainly held by a number of current and former employees of the Bank.

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.

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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.

About Saxo Bank

Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.

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