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… and the bank sees a great start to 2013.
Saxo Bank, one of the world’s leading retail FX brokerage firms (and a member of LeapRate’s Approved List), reported its 2012 full year results yesterday. While founders and co-CEOs Lars Seier Christensen and Kim Fournais, who recently re-took over the top management roles at the company, stated they were disappointed with 2012’s overall “unsatisfactory” results, digging deeper it looks like the second half of the year was much better than the first at Saxo Bank — in terms of revenues, volumes, and profits — and 2013 has certainly started off on the right foot.
While Saxo Bank broke with tradition and did not disclose its trading volumes for the second half of the year, doing some analysis we believe them to be about $215-220 billion per month, up 7%-10% from $200 billion / mo in the first half of the year.
Some key excerpts from Saxo Bank’s annual report (to download see below):
- Saxo Bank made more profit in the first two months of 2013 than in the entire 2012 year. Not a bad start to the new year…
- While trading volumes were down in 2012 from 2011, assets under management did increase nicely, up nearly 50% in 2012 growing to an all-time high of DKK 49 billion (about $8.4 billion, up from DKK 33 billion in 2011), positioning Saxo Bank nicely for growth in 2013 and beyond, as volatility and industry volumes increase worldwide.
- After rapid expansion and the opening of offices across the world the past 18 months (Istanbul, Warsaw, Johannesburg, Limassol, Sydney), Saxo Bank does not expect to open many new international offices during the rest of 2013.
To download Saxo Bank’s complete 2012 Annual Report click here.