The Copenhagen-headquartered investment manager, Saxo Bank, will be opening an office in Brazil in the autumn of 2013, after a growing number of clients and an increase in total assets under management provided for strong results in the first half of 2013.

Saxo Bank more than doubled earnings in this period, with DKK676 million ($121 million) compared to DKK267 million in the first half of 2012, allowing the bank to achieve its best half-yearly results since 2010.

The bank’s net profit in the first six months of this year also grew more than six times to DKK267 million. This was based on growth in the bank’s overall trading thanks to the continuing pick-up in foreign exchange volumes and volatilities seen in late 2012. Trading volumes in other products on the trading platform, such as FX options and contracts for difference, also saw increased levels compared to 2012. As a result, operating income for the first half of 2013 reached DKK1.749 billion for the group, a 23 per cent increase when compared to the first half of 2012.

The strong results have also prompted the bank to expand its footprint in several new markets over the past few months, including offices in Turkey and Uruguay. Looking ahead, Saxo’s quarterly report also confirmed that the bank will be opening a new sales unit in Brazil during the second half of 2013.

“We are obviously very satisfied with this result and Saxo Bank will continue to pursue growth opportunities by adding more products on the trading platform, targeting new markets and attracting new client segments,” said co-founders and chief executive officers Kim Fournais and Lars Seier Christensen in a join statement.

The bank credits the surge in profits to a growth in high net worth clients and investors, who have deposited more than DKK36.931 billion in Saxo’s trading business over the past six months. This amounted to a total of DKK27.9 billion in assets under management by 30 June 2013. However, the firm has also been cutting costs and purging employees over the past 18 months, getting administrative costs down to a new low and improving on its bottom line. This has in part helped Saxo meet solvency requirements set out by the Danish financial authorities, as well as prepare for the impending implementation of the EU’s Capital Requirements Regulation, which, amongst other things, will set out standards for liquidity buffers once enforced on 1 January 2014.

To this end, the firm’s capital exceeds requirements by more than 3 per cent, in anticipation of an overall “uncertain market situation” for the rest of the year, the firm said in its quarterly report.

“Saxo Bank expects the slow recovery of the global economy to continue and prevail, although with drawbacks, during 2013. Investor confidence is expected to grow, with less risk aversion than has been seen in recent years. However, looking at the entire year, the bank still finds the overall market situation uncertain and visibility remains low,” concluded Fournais and Seier Christensen.