Saxo Bank, a major global banking and brokerage services provider released its annual report for 2016, which showed a positive net profit of DKK 302 million ($43.6 million) for the year. In 2015 the company had reported a net loss of DKK 645.
The total operating income of Saxo Bank in 2016 amounted to DKK 2.9 billion and a profit before tax of DKK 418.2 million. In 2016 the company's clients had collateral deposits of a little over DKK 92.3 billion, which is DKK 15 billion more than in 2015.
At the end of the year Saxo Bank had 1 639 employees across its global operations.
“The Board of Directors and Board of Management find the result for the year acceptable given the difficult market conditions”, the company noted in its report.
Saxo Bank said it had a positive start of the year in the first months, but then saw increased market volatility alternating with stagnation, related to various political events across the world such as the Brexit referendum and the US presidential elections.
Nevertheless, the company noted, throughout 2016, the focus has been on driving profitable growth and broader client bases through improving both product offerings and our trading platforms. “During the year, Saxo Bank has continued to invest within the core business areas in order to improve the future product offering, enabling the Bank to be competitive and continue to offer good trading possibilities for the clients”, the company said.
Saxo Bank is based in Copenhagen and firstly regulated by Denmark's FSA, but its subsidiaries are regulated across the wold by UK’s FCA, Australia’s ASIC, Japan’s FSA, Dubai Financial Services Authority, Hong Kong's SFC, to name a few.
It offers trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO and MetaTrader 4.