The online trading and investment specialist said its profits rose sharply last year and said it does expect some negative impact from the rise in the Swiss franc in January.

Saxo Bank, the online trading and investment specialist, more than doubled its year-on-year net profit in 2014, with earnings at DKK381 million ($54.2 million), from DKK162 million a year earlier. The firm said its “strong” capital position meant it has been able to withstand the shock of the surge in the Swiss franc in January.

Client collateral deposits held with Saxo Bank increased by DKK17.6 billion year-on-year, reaching a record high of DKK68.2 billion. The collateral deposits continued to climb throughout January and February 2015 and are at DKK73.9 billion as of 28 February, the firm said.

Following uncertainty over the recovery in the global economy during the first months of 2014, Saxo Bank’s trading volumes picked up in the second half of 2014. Overall, 2014 was the most profitable year since 2011, it said.

“We are pleased with the results for 2014 and the growth achieved, which is consistent with market conditions. The inflows of new clients as well as the increase in collateral deposits are early evidence of the potential for Saxo Bank to continue its strong growth in 2015,” co-CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said.

Commenting on its ability to deal with the effect of the massive rise in the Swiss franc in January, the firm said it had total equity of DKK4.225 billion; it added to its capital base in November with a note issuance.

As far as clients were concerned, the Swiss franc surge on 15 January meant that “a number of clients ended up with insufficient margin collateral to cover their losses on their positions in Swiss franc,” it said.

Saxo Bank estimates the maximum loss the group can incur in relation to this event to be DKK0.7 billion on a net basis. As it reflects circumstances that have arisen after the 2014 financial year, the loss is recognised in the financial statement for 2015, it said.

At the time when the Swiss franc surged because the Swiss National Bank removed its cap on the rate against the euro of 1.20, there were media reports that Saxo clients in Singapore had been hit, although the firm declined to comment on the specifics. A number of Swiss banks have said they expect the currency move to have some impact on earnings for this year.