Saxo Bank's Net Profit Soars in First Half of 2013

Hellerup, Denmark (ots/PRNewswire) -

Saxo Bank more than doubled earnings in the first half of 2013,
compared to first half of 2012. A clear focus on core business
activities and increasing trading activity has resulted in the Bank
achieving its best half-yearly results since 2010. Net profit grew
more than 6 times compared to same period last year.

In the first half of 2013, Saxo Bank achieved earnings before tax,
depreciation, amortisation, income from associates and joint ventures
as well as gains and losses from divestments (adjusted EBITDA) of DKK
676 million, which was more than double the DKK 267 million EBITDA in
2012. Net profit in the first six months of this year grew more than
6 times to DKK 267 million.

Overall trading activity at the Bank increased in the first half of
2013, continuing the pick-up in FX volumes and volatilities seen in
late 2012. Trading volumes in other products on the trading platform,
such as FX options and CFDs, also saw increased levels compared to
2012. As a result, operating income for the first half of 2013
reached DKK 1,749 million for the Group, which is 23% higher than in
the first half of 2012.

Saxo Bank enhanced its focus on the Bank's core business activities
and its proprietary trading technology and multi-asset trading
platform. It also continued expanding the offering of new products
such as new currency crosses, ETF portfolios and a mobile version of
the main commercial website and maintained a high level of investment
in developing the trading platform. The focus on the core business in
2013 led to a number of activities being divested, that included
asset management companies CPH Capital, a stake in Capital Four and,
in July, Global Evolution. Furthermore, the Bank's majority stake in
EuroInvestor was sold in June.

- Operating income: DKK 1,749 million (DKK 1,418 million in H1 2012)
- Profit before tax: DKK 407 million (DKK 76 million)
- Net profit: DKK 267 million (DKK 44 million)
- Clients' collateral deposits (trading business): DKK 36,931 million
(DKK
  30,223 million)
- Assets under management (cont. business): DKK 13,587 million (DKK 
13,025
  million)
- Adjusted EBITDA: DKK 676 million (DKK 267 million)

Kim Fournais and Lars Seier Christensen, co-founders and CEOs at Saxo
Bank, said in a joint statement:

"We are obviously very satisfied with this result and Saxo Bank will
continue to pursue growth opportunities by adding more products on
the trading platform, targeting new markets and attracting new client
segments. At the same time, Saxo Bank will focus on building more
valuable relationships with financial institutions, professional
traders and high-end clients while continuing to benefit from our
strong brand in the mass-market segments."

Saxo Bank expects the slow recovery of the global economy to continue
and prevail, although with drawbacks, during 2013. Investor
confidence is expected to grow, with less risk aversion than has been
seen in recent years. However, looking at the entire year, the Bank
still finds the overall market situation uncertain and visibility
remains low.

Link to Saxo Bank's half yearly results

http://storage.saxoworld.com/financial/saxo-bank-interim-report-first
-half-2013.pdf

About Saxo Bank

Saxo Bank is a leading online trading [http://www.saxobank.com/forex
?csref=b1744_Link_boilerplate_pressrelease ] and investment
specialist, offering private investors and institutional clients a
complete set of tools for their trading and investment strategies. A
fully licensed and regulated European bank, Saxo Bank enables clients
to trade FX, CFDs [http://www.saxobank.com/cfds?csref=b1745_Link_boi
lerplate_pressrelease ], ETFs, Stocks, Futures, Options and other
derivatives via three specialised and fully integrated multi-asset
trading platforms [http://www.saxobank.com/demo-account?csref=b1746_
Link_boilerplate_pressrelease ]; the browser-based SaxoWebTrader, the
downloadable SaxoTrader and the SaxoTrader app. The platforms are
available in over 20 languages and are white-labelled by more than
100 major financial institutions worldwide. Saxo Bank also offers
professional portfolio and fund management as well as traditional
banking services through Saxo Privatbank. Founded in 1992, the Saxo
Bank Group is headquartered in Copenhagen with offices in 25
countries throughout Europe, Asia, Middle East, Latin America, Africa
and Australia.

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