CFD broker Saxo Bank has reported its best ever full-year financial results, reporting a profit of over DKK 640million ($120million) as a result of increased client accounts and a rise in the levels of transacting through their CFD and trading platforms.
CFD brokerage service Saxo Bank has just released its full-year accounts, reporting a substantial 50% growth in profits from 2009 to 2010, marking a record year for the company and underlining the degree of success of their trading business in 2010.
The rise saw operating income top DKK 3.3billion, up a third from the year previous, while underlying costs grew by 24%, providing an increased margin on operating activity in 2010 than in 2009.
The results are on trend with the underlying growth in the CFD sector, which has seen new and existing brokers scrap for market share.
But with an increasing public profile for CFD trading and increasing investment from the institutional sector, brokers like Saxo Bank have been able to grow their profits and increase their customer base.
Saxo Bank manages several of the web’s more notable trading platforms, including SaxoWebTrader, and Saxo Trader.