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UPDATE 1-BinckBank Q2 beats as market sentiment improves
July 23, 2013 / 6:07 AM / in 4 years

UPDATE 1-BinckBank Q2 beats as market sentiment improves

(Adds details, CEO quote)

AMSTERDAM, July 23 (Reuters) - Dutch online broker BinckBank reported better-than-expected second-quarter results on Tuesday, thanks to improved sentiment in the securities markets, and said it would pay an interim dividend of 0.13 euro per share.

BinckBank’s chief executive, Koen Beentjes, said it was impossible to give a detailed full-year forecast, citing uncertainty over the introduction of a financial transaction tax in the European markets where it operates and over economic conditions.

“The financial transaction tax is not likely to succeed in its current form. If we are to believe the plans that are currently on the table in Brussels, the tax will be reduced significantly, probably to a rate of 0.01 percent (before 0.1 percent) on trading in equities and bonds,” Beentjes said.

“Even in this form, there is little enthusiasm for the financial transaction tax in the Netherlands,” he added.

BinckBank reported adjusted net profit per share of 0.18 euros per share, above the range of 0.15 to 0.16 euros per share in a Reuters poll of four analysts, and up from 0.13 euros per share in the first quarter.

BinckBank said trading volume for its brokerage activities in the Netherlands were stable compared to the same period last year, while the net turnover declined reflecting price cuts.

In Belgium and France, the number of transactions fell by 5 percent and 19 percent respectively compared with the first half of 2012 probably due to tax changes, it said. (Reporting by Sara Webb; Editing by Gilbert Kreijger)

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