Leading financial firm Saxo Bank Group reported mixed performance in the first half of 2014 owing to low volatility in FX markets. However, the firm rolled out new products while clients’ deposits rose by DKK 9.7 billion to a new high of DKK 60.3 billion.
The company announced a net income of DKK 156 million in the first half of 2014, with revenues totaling DKK 1.35 billion while clients’ collateral deposits rose to DKK 60.3 billion from DKK 9.7 billion.
While revenues were 20 percent higher in the first half of 2014 compared with second quarter revenues in the same period, the figures were still a significant decline from first quarter, where figures were DKK 1.75 billion, a drop of 22 percent, while net profit fell 41.3 percent from DKK 266 million YoY. However, performance is still good compared to H2 2013.
The firm notes that total assets rose to DKK 29.8 billion by June 2014 compared with DKK 27.7 billion at December 2013, a growth of 8 percent, which was mostly due to growth in deposits valued at DKK 2.2 billion.
Meanwhile, India’s foreign exchange reserves grew by $43.3 million in the week through August 15 to $319.39 billion, a report published on Friday by the Reserve Bank of India showed. Foreign currency assets, a key part of the reserves, jumped $54.7 million to $292.10 billion. Gold reserves held intact throughout the week, reported the Business Standard.
In the week under consideration, Special Drawing Rights (SDRs) declined $8.3 million to $4.42 billion. India’s reserve position at the International Monetary Fund fell $3.1 million to $1.70 billion. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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