BinckBank Yearly report 2018

Highlights 2018 

• BinckBank and Saxo Bank A/S (Saxo Bank) have reached a conditional agreement (merger protocol) regarding a recommended all-cash public offer of EUR 6.35 (cum dividend) per issued and outstanding ordinary share
• Distributed interim dividend € 0.13 per share (€ 8.7 million
• Net result 2018 € 35.5 million (2017: € 8.5 million) 
• Net result including one-off effects of € 12.9 million after tax: 
  • advisory expenses related to the offer of Saxo Bank (€ 2.4 million pre-tax) 
  • sale of the share in Think ETF Asset Management in June 2018 and earn-out arrangement relating to the sale of Able contribute to the 2018 annual result for € 8.4 million 
  • one-off positive tax benefit amounting to € 6.3 million on deferred tax liabilities as a result of changes in future corporate tax rates 
• Net result per share 2018 € 0.53 (2017: € 0.13)
• The offer price of the public offer of Saxo Bank has taken account of dividends (cum-dividend). For that reason, the entire 2018 result, after deduction of the distributed interim dividend, will be added to the reserves. As a result, BinckBank will not pay a final dividend for 2018 
• Commercial proposal of online brokerage improved due to launch of new price plan 
• At the end of 2018 the brand name Alex has been fully phased out 
• Transaction numbers in 2018 increased to 9.9 million (+28%) as a result of offering free trades in Binck turbo's and the improved commercial proposal
• Assets under management decreased to € 0.9 billion as per 2018 (2017: € 1.1 billion). Assets under management in new propositions increase to € 170 million (2017: € 115 million) 
• 19% decrease of operating expenses 2018 compared to 2017, amongst others due to lower amortisation relating to fully amortised intangible assets (Alex Beleggersbank)
• 18Q4 reflects higher operating expenses, largely due to advisory expenses related to the offer of Saxo Bank (€ 2.4 million), project expenses as relating to law and regulation (€ 1.5 million) and marketing campaigns (€ 0.7 million)