Danish investment bank Saxo Bank, which focuses on online trading, has returned to profit in H1 2020 even as the Covid-19 pandemic continues to upend markets.
Performance highlights
The firm posted a net profit of DKK529m ($84.1m) in the first six months of 2020, versus a net loss of DKK139m a year ago.
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Operating income surged 107% to DKK2.3bn from DKK1.1bn over the period.
EBITDA in H1 2020 stood at DKK967m, compared with DKK57m a year ago.
Total client assets reached DKK395bn at the end of June 2020 from DKK131bn in the prior year.
Staff costs and administrative expenses increased to DKK1.3bn from DKK1.1bn.
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By GlobalDataThe rise was said to be mainly due to the takeover of BinckBank.
Saxo Bank CEO and founder Kim Fournais said: “The financial result of the first six months of 2020 is very satisfactory. The result is positively affected by external factors such as the increase in volatility in global capital markets.
“The result is also driven by the continued execution of our strategy, including the high investments into digitisation, scalable infrastructure, automated processes, and an improved Saxo Experience, leading to a significant growth in number of new clients and client assets.”
“With the financial result for the first half of the year and an even stronger capital position, we are well-positioned to continue our ambitious investments to create an even better Saxo Experience for our current and future clients.”
