Saxo profit falls, deposits surge
COPENHAGEN - Saxo Bank experienced a 33.95% fall in pre-tax profits in the first half of the year to Dkr55 million ($10.51 million) due to rising operating costs, despite a surge in client collateral deposits during the period.
In its interim results released last Thursday (August 20), the bank said operating costs rose from new office openings, product launches and contributions to the Danish State Guarantee Scheme. Operating income, as a result, remained unchanged at Dkr969 million. Earnings
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