PHOTO
Dubai, UAE: During 2024, the Saxo Bank Group rolled out a new competitive pricing structure that lowers costs for clients as well as improvements to the client experience, leading to a record number of clients and client assets, with over 1.2 million end clients and USD 122 billion in client assets as of 30 June 2024.
Volatility across financial markets has been low in the first half of 2024 resulting in lower trading and investing activity, while the higher interest rates and positive inflow of client funding impacted the financial performance positively.
Despite the short-term negative impact of reduced pricing, total income increased slightly to USD 347 million in the first half of 2024 and was diversified almost equally between the business areas with trader clients accounting for 34%, investor clients 34%, and institutional 32%.
Moreover, S&P upgraded Saxo Bank’s rating to A- from BBB during the first half of the year in a testament to the Saxo Bank Group’s strong financial position.
To increase focus, strengthen compliance, reduce risk, and enhance operational efficiency, the Saxo Bank Group initiated a restructuring of its distribution model in the Asia-Pacific region, considering the strategic opportunities for its offices in Hong Kong, Japan, and Australia, while the office in Shanghai is in the process of being closed. This has led to recognition of restructuring costs of USD 7 million in the first half of 2024.
The Saxo Bank Group expects the full year’s adjusted net profit to be maintained in line with the previously guided range of USD 127-150 million.
H1 2024 key financial figures (H1 2023)
- Total income: USD 347 million (USD 336 million)
- Net profit (adjusted): USD 76 million (USD 56 million)
- Net profit: USD 69 million (USD 42 million)
- Total client assets: USD 122 billion (USD 108 billion)
- Total capital ratio: 28% (31.9%)
Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:
“The positive momentum we’ve experienced in the first half of the year is a strong indicator that our strategy is resonating with our clients. More than 1.2 million clients now trust Saxo with more than USD 122 billion in assets. This is a result of our relentless focus on enhancing our investment platforms, products, and services, and offering very competitive pricing that empowers our growing client base to make more of their money.
It’s also encouraging to see our clients increasingly recognising the value of diversifying their portfolios across different markets and asset classes. In these uncertain times, we remain fully focused on facilitating diversification across asset classes, making it easier and more attractive for investors to build healthy and profitable portfolios and manage their risks. Diversification is truly the "only free lunch" in investing - and we are here to provide the tools, product range, and insights to help our clients navigate their portfolios with confidence.”
Please note: the Saxo Bank Group’s annual report is presented in DKK (Danish Kroner). All figures in this press release have been converted to USD using an exchange rate of 6.68, as of August 27, 2024.
The full H1 2024 report can be found here: Investor relations
-Ends-
About Saxo Bank MENA
At Saxo, we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo Bank was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest. It was also the first Scandinavian bank to establish a presence in the GCC when it launched an office in Dubai, back in May 2009, to cover its regional operations for the MENA region.
Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions, including a Representative Office license by the Central Bank of the UAE.
As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo employs more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.
For more information, please visit http://www.home.saxo/me.
For more information, please contact Matrix PR:
Khushie Mallya: khushie@matrixdubai.com
Krishika Mahesh: krishika@matrixdubai.com