Copenhagen based Retail FX and CFDs broker Saxo Bank ended a somewhat tumultuous 2024 by reporting continued improvement in its financial results during the second half of the year.

After reversing a decline in both top and bottom line results during the first half of 2024, Saxo Bank saw a slight 1% increase in Revenues (what the company calls Total Income) to DKK 2,352 million (USD $336 million) in the second half of 2024.

On the bottom line, Net Profit at Saxo Bank came in at DKK 541 million (USD $77 million) in 2H-2024, its best six-month period profit result since last decade.

As can be seen from the graph above, Saxo Bank has actually seen very little variance in its Revenues and Profits over the past four years, certainly as compared to other reporting CFDs brokers, which often report wild swings in results, usually in step with market volatility.

For the full year, Revenues at Saxo Bank were DKK 4,670 million (USD $667 million) in 2024, while Net Profit was DKK 1,005 million (USD $144 million) – both record figures at Saxo Bank.

Saxo Bank was effectively put up for sale in 2024, with its main outside shareholders – China’s Geely Group and Finland’s Mandatum – engaging investment banking firm Goldman Sachs to “initiate a review of strategic opportunities” for Saxo Bank. While that process is still underway, Saxo Banak did offload its Australia operation earlier this year, and in late 2024 closed its Hong Kong office.

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank (pictured above), said:

“I am very proud to report that 2024 was the best financial year in Saxo Bank’s history. This is clearly a very satisfactory result for us. The progress underscores our steadfast commitment to creating value for all our stakeholders and strengthening our foundation for sustainable growth. With almost 1.3 million clients and client assets reaching an impressive USD 118 billion, these milestones showcase the trust and confidence placed in Saxo Bank. Our comprehensive trading and investment platforms have provided robust tools and resources, enabling our clients and partners to navigate the markets efficiently and build more resilient, diversified portfolios.

“The result is naturally also a large testament to the collective efforts of our employees who have driven Saxo Bank’s performance and achievements this year.

“In 2024, we welcomed several new initiatives to make Saxo Bank attractive for even more people. A few highlights are the introduction of more competitive prices across products and  the launch of our automated monthly investing account known as AutoInvest. We also introduced our Investor platforms to more markets, enabling more curious people to get invested in the world.

“Moving forward, our strategic focus remains unchanged. We continue to focus on growing our number of clients and client assets, and on enhancing the product and platform offerings to the benefit of our clients while focusing on our core markets.

“In our commitment to protecting our clients and upholding the integrity of our business, Saxo Bank has continued to make significant investments and improvements in compliance,  anti-money laundering, cyber security, and risk management. This will remain a core priority as well.”

Saxo Bank’s full 2024 annual report can be downloaded from the company’s Investor Relations website.