Saxo Bank Reports Positive Financial Results for H1 2024: Adjusted Net Profit Up 35%

Copenhagen-based online trading platform Saxo Bank has announced its financial results for the first half of 2024 (H1 2024), reporting an adjusted net profit of $76 million compared to $56 million for the same period last year, corresponding to an increase of 35%.

As of June 30, 2024, Saxo Bank's client numbers were over 1.2 million and client assets were $122 billion, both standing at record levels.

The total income increased slightly by 3.27% to $347 million compared to $336 million reported in H1 2023.

Saxo Bank said that in the first half of 2024, low volatility in the financial markets led to reduced trading and investing activity, while higher interest rates and positive inflows of client funding positively impacted its financial results.

The Saxo Bank Group expects the full year’s adjusted net profit to be maintained in line with the previously guided range of $127-150 million.

Commenting on the results, Kim Fournais, CEO and Founder of Saxo, said: “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,” he added.

(All of the above data was converted to USD by Saxo Bank using an exchange rate of 6.68, as of August 27, 2024.)