Saxo profits from trading volumes

Danish lender Saxo Bank saw pre-tax profits rise to 407m Danish krone (£46.8m) in the first half of the year, up 436 per cent from 76m krone in the same period of 2012. Return on total equity increased from 2.3 per cent to 11.6 per cent, while headcount fell from 1,527 to 1,354. The bank attributed its growth to rising trading volumes, while clients’ collateral deposits in the trading business increased 22 per cent on the year to 36,930.9 krone.