Saxo Bank Group, a Danish investment bank
specializing in online trading and investment, published its annual report for
2022 on Friday, reporting a 6% decline in its net profit. The figure came in
at DKK 711 million compared to DKK 755 million in 2021.
The online trading platform provider’s
trading-related and interest earnings during the period also decreased by 2% year-over-year (YoY) to approximately DKK 4.4 billion. In addition, Saxo Bank’s client
assets went down by 9% to DKK 584 billion “affected by the negative trends in
the global equity markets during 2022.”
— Saxo (@saxobank) February 24, 2023
“The net profit for 2022 was impacted by
lower trading activity following the macroeconomic situation, which created
uncertainty for clients who traded less, resulting in a decrease in net
profit,” Saxo Bank
explained.
However, the company noted it generated a
higher interest income as a result of rising interest rates, adding that this
contributed to partly offsetting the decrease from lower trading. In total, 64
million trades were executed on Saxo Bank’s platforms in 2022.
Details in the report also show that the
total number of new trading clients onboarded by Saxo Bank dropped by 40% to
157,000 in 2022. In the prior year, the Danish broker admitted 263,000 new
clients. Regardless, the broker boasted of a record high 876,000 clients at the end of
last year.
“The growth in total clients was driven by
the Saxo Institutional business, whereas total Investor clients remained stable
and total Trader clients experienced a decline,” Saxo Bank noted.
Saxo Bank Speaks on BinckBank’s Acquisition
Meanwhile, Saxo Bank noted that it has
migrated more than 400,000 clients from Dutch lending platform BinckBank, which it acquired in August 2019, to
its platform. It described achieving the feat in three years as “a true
success.”
“We are now seeing increased client
satisfaction in the Netherlands, Belgium and France as they get to know our
platforms, products, services and prices better. That is win-win,” Kim Fournais, Saxo Bank’s CEO, explained.
What’s Saxo Bank’s Goal for 2023?
Meanwhile, Finance Magnates reported that
Saxo Bank’s overall trading volume dipped by 9.6%
month-over-month in January 2023, reaching $375.6 billion. The Danish online
broker’s forex volume also declined by 5% to $115.2 billion. However, in the annual report, the company noted that it is “in a strong position” to deliver
value to its clients and stakeholders.
“A successful 2023 will mean that we see
growth across our Direct and Institutional business from offering our
multi-asset platforms with timely, relevant and actionable content, and
dedicated trading, investment and asset management products and services at
competitive prices,” Fournais added.
Saxo Bank Group, a Danish investment bank
specializing in online trading and investment, published its annual report for
2022 on Friday, reporting a 6% decline in its net profit. The figure came in
at DKK 711 million compared to DKK 755 million in 2021.
The online trading platform provider’s
trading-related and interest earnings during the period also decreased by 2% year-over-year (YoY) to approximately DKK 4.4 billion. In addition, Saxo Bank’s client
assets went down by 9% to DKK 584 billion “affected by the negative trends in
the global equity markets during 2022.”
— Saxo (@saxobank) February 24, 2023
“The net profit for 2022 was impacted by
lower trading activity following the macroeconomic situation, which created
uncertainty for clients who traded less, resulting in a decrease in net
profit,” Saxo Bank
explained.
However, the company noted it generated a
higher interest income as a result of rising interest rates, adding that this
contributed to partly offsetting the decrease from lower trading. In total, 64
million trades were executed on Saxo Bank’s platforms in 2022.
Details in the report also show that the
total number of new trading clients onboarded by Saxo Bank dropped by 40% to
157,000 in 2022. In the prior year, the Danish broker admitted 263,000 new
clients. Regardless, the broker boasted of a record high 876,000 clients at the end of
last year.
“The growth in total clients was driven by
the Saxo Institutional business, whereas total Investor clients remained stable
and total Trader clients experienced a decline,” Saxo Bank noted.
Saxo Bank Speaks on BinckBank’s Acquisition
Meanwhile, Saxo Bank noted that it has
migrated more than 400,000 clients from Dutch lending platform BinckBank, which it acquired in August 2019, to
its platform. It described achieving the feat in three years as “a true
success.”
“We are now seeing increased client
satisfaction in the Netherlands, Belgium and France as they get to know our
platforms, products, services and prices better. That is win-win,” Kim Fournais, Saxo Bank’s CEO, explained.
What’s Saxo Bank’s Goal for 2023?
Meanwhile, Finance Magnates reported that
Saxo Bank’s overall trading volume dipped by 9.6%
month-over-month in January 2023, reaching $375.6 billion. The Danish online
broker’s forex volume also declined by 5% to $115.2 billion. However, in the annual report, the company noted that it is “in a strong position” to deliver
value to its clients and stakeholders.
“A successful 2023 will mean that we see
growth across our Direct and Institutional business from offering our
multi-asset platforms with timely, relevant and actionable content, and
dedicated trading, investment and asset management products and services at
competitive prices,” Fourn