BinckBank: first-half results 'lower than expected'
(CercleFinance.com) - On Monday Dutch online broker BinckBank said that its H1 2019 results for were "lower than expected" as transaction volumes and commission income fell.
BinckBank - which operates in the Netherlands, Belgium, France, and Italy - said in a statement that income from operating activities fell to 31.8 million euros in the first half, from 32.7 million euros in the same period a year ago.
Net commission income fell by 17% to 46.1 million euros.
BinckBank said the market conditions in which it operates are currently "very challenging."
"Falling trading volumes (market sentiment/volatility) and competition (price pressure) are putting pressure on net commission income," it said.
BinckBank shares were pretty flat on Monday, but they have still risen by 3.8% year-to-date.
While Saxo Bank has extended its offer to 31 July, the merger is still expected to be completed during the first half of the third quarter 2019, BinckBank said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
BinckBank - which operates in the Netherlands, Belgium, France, and Italy - said in a statement that income from operating activities fell to 31.8 million euros in the first half, from 32.7 million euros in the same period a year ago.
Net commission income fell by 17% to 46.1 million euros.
BinckBank said the market conditions in which it operates are currently "very challenging."
"Falling trading volumes (market sentiment/volatility) and competition (price pressure) are putting pressure on net commission income," it said.
BinckBank shares were pretty flat on Monday, but they have still risen by 3.8% year-to-date.
While Saxo Bank has extended its offer to 31 July, the merger is still expected to be completed during the first half of the third quarter 2019, BinckBank said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.