Saxo Bank has reached its maximum trading volume since the beginning of the year in August. It is worth noting that in the first half of 2019, the multi-active broker Saxo Bank struggled with these difficulties. For example, the bank reported negative net profit of DKK 139 million ($20.7 million). This means that, compared with the first half of 2018, the profit was significantly lower, which caused some concerns. In 2018, during the same period, net profit was positive and reached 153 million Danish kroner.
Another problem was that operating income for the first half of 2019 was 1.11 billion Danish kroner. This result was also lower than in 2018, as last year operating income amounted to 1.51 billion Danish kroner. This means that operating income in 2019 decreased by 26.3%.
One of the main reasons why the Danish investment bank faced difficulties was the volatility of the foreign exchange markets. It is important to note that forex markets are important for Saxo Bank, as it receives most of its profits through working with foreign exchange markets. The bank was in a difficult situation. Foreign exchange market earnings remained low during the first half of 2019.
Saxo Bank financial results are encouraging because the bank has attracted new customers. The number of customers increased by 17,497 new trading and investment customers. This is a huge success for the bank. Thus, the number of SaxoBank customers has grown by 66% compared to previous years.
Trading Volume in August
As mentioned above, in the first half of 2019, Saxo Bank ran into problems. For example, the July results fell short of expectations. However, in August the situation changed. The total monthly volume in August reached $282.9 billion. The average daily volume amounted to 12.9 billion dollars. As a result, the August trading volume was the highest since the beginning of 2019.