Saxo Bank UK Reports £2 Billion AUM and £11.2 Million Net Profit in 2023

Saxo Capital Markets UK Limited, Saxo Bank's UK branch, has filed its annual report and financial statements for the year ended 31 December 2023. The company reported £2 billion of assets under management (AUM) and a net profit of £11.2 million.

2023 was a turbulent year both globally and in the UK, marked by ongoing geopolitical volatility, a cost of living squeeze, and challenges in the UK equity markets. Despite these obstacles, Saxo Bank UK managed to raise its AUM by 15%, from £1.6 billion in 2022 to £2.0 billion in 2023. The bank’s underlying clients amounted to 127,000 in 2023, an increase of 4,000 from 2022. Additionally, profit before tax has risen by 13% to £14.8 million in 2023.

Meanwhile, the company's trading revenue remained stable at £27.9 million, slightly up from £27.6 million the previous year. The final profit after tax of £11.2 million was achieved in 2023, reflecting a 7% rise from the £10.5 million reported the prior year.

Saxo Bank UK's Key Performance Indicators

"We are driving client retention, activating our new and existing clients with timely, relevant, and engaging content, and improving our service levels to meet our high expectations," Saxo UK commented.