Saxo Bank Profits in 2013 Doubling to $30 mln, Despite Income Stagnating

Deposits at the leading Danish brokerage house grew to all time highs at $9.3 billion, while profits doubled to almost

saxo_bankSaxo Bank has released its annual report today outlining key metrics surrounding the company’s performance. Deposits at the leading Danish brokerage house grew to all-time highs of $9.3 billion, while net profits have doubled to almost $30 million during the course of 2013. EBITDA has risen impressively by about 48% to $165 million.

Meanwhile, income remained stagnant around $526 million when compared to last years figures of $520 million. Increasing efficiency must have been the theme throughout 2013, as the company acknowledges that conditions throughout the second half of the year have been challenging and the positive results are directly tied to increased trading activity of its customers. Apparently, a big chunk of current profits is coming from the multi-asset offering sitting at the core of the company’s customer retention rates.

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Most of the company’s clients in 2012 have continued trading throughout 2013. Saxo Bank customers are currently holding a record amount of deposits at the company totaling about $9.3 billion, which is higher by 25% over 2012. The bank’s total capital or solvency ratio has increased from 13.5% to 16.2%.

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A joint statement issued by Saxo Bank’s founders, Kim Fournais and Lars Seier Christensen, outlined that “The significant increase in EBITDA shows that Saxo Bank is on a solid path, focusing on the core business. At the same time, clients’ collateral deposits reached an all-time high, reaffirming the strength of our global, multi-asset offering. We will continue to focus on clients and the value chain, developing our products and platforms, not least our multi-asset social trading platform, TradingFloor.com, which enters into a new phase of its development.”

They concluded the press release by adding “Overall, the market situation is uncertain but Saxo Bank has a solid foundation for its operations in 2014. Our focus remains on growth, clients, efficiency, profitability and optimisation of the entire value chain. Cost control, capital and liquidity management are, as ever, ongoing themes for Saxo Bank in 2014. With a close eye on overall cost development, we will continue to invest in products and platforms. Finally, system enhancements and knowledge upgrades are a part of the Bank’s core projects.”

Following is an interview with Co-Founder & Co-CEO Kim Fournais.

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