Saxo Bank registers net profit of DKK 282M in H1 2023
Multi-asset investment specialist Saxo Bank today posted its financial report for the first six months of 2023.
The Saxo Bank Group reported an operating profit of DKK 520 million compared to DKK 388 million for the same period last year corresponding to an increase of 34%.
During the first six months of the year, an uncertain macro environment and low market volatility led to lower trading and investment activity among the bank’s clients, which was offset by higher interest income.
In June, Saxo Bank announced its divestment of the 50% interest in Saxo Geely Tech Holding in order to optimise the bank’s business operations and focus on core markets and clients.
The divestment impacts net profit in the first half of 2023 negatively by DKK 94 million bringing the adjusted net profit to DKK 376 million compared to DKK 302 million for the same period last year.
Saxo Bank reported net profit of DKK 282 million for the first half of 2023, compared with DKK 302 million for the corresponding period a year earlier.
The Saxo Bank Group expects the full year’s net profit adjusted for the divestment of Saxo Geely Tech Holding to be maintained in line with the previously guided range of DKK 650-800 million.
The Saxo Bank Group reached a historic milestone of 1 million end clients and DKK 721 billion in client assets, positively impacted by net funding of cash and securities of DKK 79 billion in the first half of 2023.
Moreover, Saxo Bank was appointed as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA) and received a BBB credit rating with a positive outlook from Standard & Poor’s.
Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:
“While this year was marked by challenging market conditions and continued geopolitical tensions, our half-year results demonstrated resilience and adaptability in the face of changing market dynamics. One constant, however, has been Saxo Bank’s unwavering commitment to support our clients and to continuously improving our products, platforms, and services. We are proud to announce the significant milestone of 1 million end clients that now trust us with more than DKK 700 billion in client assets.”
Marika Frederiksson has decided to retire from her position as member of the Board of Directors upon the approval of this half year report. This decision is a consequence of the bank’s SIFI appointment that comes with limitations to the number of directorships each director may hold.