Saxo Bank Group (“The Group”) reported a positive net profit of DKK 401 million for 2017, an increase of 33 per cent compared to 2016. Client collateral deposits continued to rise to DKK 103.6 billion while the operating income for the group was DKK 3.0 billion, a three per cent increase compared to 2016.
Saxo Bank Group continued to strengthen its capital position with the total capital ratio for the Group reaching 22.7 per cent as of the end of 2017 compared to 19.5 per cent at the end of 2016, thus retaining a comfortable buffer.
2017 Key figures at a glance (2016)
· Operating income: DKK 3.0 billion (DKK 2.9 billion)
· EBITDA: (profit): DKK 931.6 million (DKK 845 million)
· Adjusted EBITDA*: DKK 1.0 billion (DKK 954.5 million)
· Net profit: DKK 401.1 million (DKK 302.4 million)
· Client collateral deposits: DKK 103.6 billion (DKK 92.3 billion)
· Total equity: DKK 4.6 billion (DKK 4.2 billion)
*EBITDA adjusted for income and expenses that are not considered to be recurring and have significant impact on the Group’s net profit.
Commenting on the results, Kim Fournais, CEO and co-founder of Saxo Bank, said:
The results confirm that Saxo Bank is on the right path and we will continue to prioritise the ongoing development of best in class technology to ensure our clients and partners benefit from the best trading experience with regards to product, platform, price and service.
In February 2018 Saxo Bank announced the sale of its subsidiary Saxo Privatbank, a fully licensed retail bank with branches across Denmark to Alm. Brand, a Danish financial services group operating within non-life insurance, banking and life and pension insurance. Simultaneously Saxo will enter into a white label partnership with Alm. Brand Bank enabling clients to trade and invest in stocks, bonds, ETFs and mutual funds through Saxo’s award winning platform SaxoTraderGO.
In October 2017 it was announced that Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd (“Geely Group”) offered to buy 51.5 per cent of the shares in Saxo Bank, with Sampo Group, a leading Nordic financial services group, taking a 19.9 percent in the bank. The transactions are pending regulatory approvals in their respective markets and are expected to be finalised in H1 2018.
The full report is available here: https://www.home.saxo/about-us/investor-relations