Saxo Bank Trebled Profits

Hellerup, Denmark (ots/PRNewswire) - Operating income reached DKK
3.3 billion for the Group in 2010, compared to DKK 2.2 billion in
2009. This 50% year-on-year rise in operating income can be
attributed to larger client numbers, increased deposits and high
trading activity in the first half of the year.

Total costs for the year increased by DKK 0.5 billion to DKK 2.4
billion for the Group, an increase of 24% from the previous year.
Saxo Bank continued to invest in geographical expansion, product and
platform developments, systems upgrades and new business. Despite
these investments, profit before tax increased by more than three
times to DKK 914 million.

Total assets increased during the year - from DKK 16.0 billion in
2009 to DKK 23.9 billion in 2010. The increase is due to a growth in
client's cash deposits as well as acquisitions by Saxo Bank such as
the acquisition of E*Trades Nordic activities and Broerup Sparekasse.

Clients' collateral deposits related to the online trading
business in Saxo Bank more than doubled to DKK 31.3 billion as at 31
December 2010. Excluding Saxo-Etrade Bank, which was acquired during
the year, the growth was DKK 5.6 billion, equivalent to 36%. In
addition, by means of organic growth in Sirius, Capital Four and
Global Evolution, Saxo Asset Management grew its assets under
management from approximately DKK 19.0 billion to more than DKK 31.2
billion as at 31 December 2010.

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

"Since autumn 2008, Saxo Bank has been implementing a
transformation plan with the aim of maintaining growth while
simultaneously ensuring profitability and efficiency. The external
events following the financial crisis and the performance posted in
2010 prove that our initiatives are steering the Bank on the right
track. We consider this year's results very satisfactory.

"Saxo Bank will continue to focus on maintaining its technological
advantage in the financial industry and will open more local sales
offices through acquisitions or as green field start-ups with a view
to improving client sales and service".

As at 31 December 2010, the solvency ratio for the Group was
15.3%.

About Saxo Bank

Saxo Bank is a leading online trading and investment specialist
with a worldwide client base. The three specialised and fully
integrated trading platforms; the browser-based SaxoWebTrader the
downloadable SaxoTrader and the SaxoMobileTrader application are
available in over 20 languages. Saxo Asset Management accommodates
high-net worth private clients and institutional investors. In 2010
Saxo Bank continued the diversification of its business with
acquisitions of Saxo-E*Trade Bank, a specialist in online
investment, and Broerup Sparekasse, a Danish savings bank. The Saxo
Bank Group is headquartered in Copenhagen with offices throughout
Europe, Asia, Middle East and Australia.

Rückfragehinweis:
Media enquiries: Kasper Elbjorn, Head of Group Public
Relations,+45-3065-4300, [email protected]

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