Saxo Bank and its monthly trading volume
Saxo bank achieved the best trading volume in August since the beginning of the year. It is worth mentioning for the first half of 2019 the multi-asset broker Saxo Bank struggled to deal with the problems. For example, the bank reported a negative net profit of DKK 139 million ($20.7 million.
It means that in comparison with the first six months of 2018, profit was significantly lower, which raised the concerns. In 2018, during the same period, net profit was positive, and it reached DKK 153 million.
Another issue was that the operating income during the first six months of 2019 was DKK 1.11 billion. This result was also lower than in 2018 as last year operating income was DKK 1.51 billion. It means that operating profit fell by 26.3% in 2019.
One of the main reasons why the Danish investment bank experienced problems was the volatility of forex markets. It is essential to mention that forex markets are important for Saxo Bank as it generates a large part of its earnings from FX markets. Bank was in a tough position. Earnings from FX markets remained at the low level for the first six months of 2019.
The good news from Saxo Bank’s financial results is that bank attracted new clients. The number of clients increased by 17,497 new trading and investing clients. This is a huge success for the bank. It means that Saxo bank’s number of clients increased by 66% in comparison with last years.
Trading volume in August
As mentioned above, Saxo Bank had to deal with the problems during the first six months of 2019. For example, results in July did not meet the expectations. However, the situation has changed in August. The total monthly volume in August reached $282.9 billion. An average daily volume was $12.9 billion. As a result, August’s trading volume was the highest since the beginning of 2019.
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