Internet-based investment bank BinckBank saw net profit decline by more than 50% in the second quarter of 2011, as concerns about the European debt crisis led to a downturn in investor activity.

Net profit came to €6.2m, while operating profit was down 15% at €41.8m compared with the year earlier period.
‘Despite the lower financial result this quarter, we are confident regarding the further growth of and prospects for BinckBank on the basis of the expansion of our operations,’ said chairman Koen Beentjes in a statement.
‘Nevertheless, our result depends heavily on the activity of our clients in the markets. Market volatility and direction are important factors. For this reason, we cannot issue detailed forecasts of the results we expect to achieve in 2011.’