Zollikon – Saxo Bank (Schweiz) AG, the specialist in online trading and investment, announces a net profit of CHF 30.2 million for the financial year 2010. This excellent result was achieved through the combination of a year-on-year rise in operating income from CHF 36.5 million to CHF 59.9 million combined with a decrease in operating costs.
“With our clear strategy and client focus we have successfully delivered the results we were looking for. Further, we are confident to build on this success for the coming year. We have engineered a very efficient organization, staffed with highly motivated employees who have delivered an excellent result due their efforts and, more importantly, who remain committed to our business model and strategy”, comments Soren Mose, CEO of Saxo Bank (Schweiz) AG. “Thanks to our unique and award-winning SaxoTrader platform we believe we will continue to gain significant advantages in the financial sector in order to meet our ambitious growth targets for 2011”,
Continuous growth of revenue verses lower operating expenditure
Revenues grew strongly across all product classed in the market area that Saxo Bank Switzerland is responsible for being Switzerland, Germany, Austria and Liechtenstein. There was a solid combined increase of private and institutional clients. The operating income reached CHF 59.9 million in 2010, compared to CHF 36.5 million in 2009. This 64 % rise can be attributed to increased client numbers, increased client deposits and higher client trading activity during the entire year. The operating expenses for the year decreased by CHF 4.3 million to CHF 24.9 million, thereby realising the expected positive impact of the relocation to Zollikon.
Increasing demand for the platform by Private and Institutional Clients
During 2010, a continued growth in demand from private clients seeking access to the world’s financial markets via the SaxoTrader platform was noted. Reasons for the growing popularity of the platform was, apart from the around the clock account accessibility and the very competitive prices, the unique comprehensive product offering.
As a result there was also an appreciably high demand from banks, securities dealers and asset managers seeking to partner with Saxo Bank by looking for new business opportunities and market access with minimal start-up costs.
New equity platform as part of SaxoTrader
In 2010, Saxo Bank successfully launched a strong new equity platform as an integrated part of SaxoTrader. Covering research and portfolio selection tools for several thousands of stocks globally, this innovative tool aroused a very strong interest across both institutional and private client segments. New products and tools will be introduced in 2011 and will maintain the SaxoTrader offering as a first class trading and investment platform.