Risk aversion sinks Saxo full-year results
COPENHAGEN – Saxo Bank’s operating income fell to Dkr2.23 million ($400,000) in 2009 from Dkr2.52 million in 2008, as investors shunned risky assets.
Net profit fell to Dkr201 million from Dkr339 million the previous year, with 80% earned in the second half of the year. “In foreign exchange we can see a general shift throughout 2009, starting with big demand for safe-haven currencies, shifting to riskier high-yield or exotic currencies,” said Kim Fournais, chief executive at Saxo Bank, based in
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