Saxo Bank Group reports 35% jump in H1 2024 net profit to USD76 million
The Saxo Bank Group, parent of the wholly-owned subsidiary Saxo Australia, has reported an adjusted H1 2024 net profit of USD76 million, a year-over-year increase of 35%.
Saxo has throughout 2024 implemented a new, competitive pricing structure that lowers the cost of global investing, leading to a record number of clients and client assets worldwide. As of 30 June 2024, Saxo has more than 1.2 million end clients around the world and USD122 billion in client assets.
Volatility across financial markets was limited in the first half of 2024, resulting in lower trading and investing activity, while higher interest rates and the positive inflow of client funding impacted financial performance positively.
Despite the short-term negative impact of reduced pricing, total income increased slightly to USD347 million in the first half of 2024. This income was divided almost equally between Saxo’s business areas, with trader clients accounting for 34%, investor clients 34%, and institutional 32%.
Moreover, S&P upgraded Saxo Bank’s rating to A- from BBB during the first half of the year in a testament to Saxo’s strong financial position.
Saxo expects the full year’s adjusted net profit to be maintained in line with the previously guided range of USD127-150 million.
Saxo Founder and Chief Executive Officer Kim Fournais (pictured), said, “The positive momentum we’ve experienced in the first half of the year is a strong indicator that our strategy is resonating with our clients. More than 1.2 million clients now trust Saxo with more than USD 122 billion in assets. 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.”
Fournais added, “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, and making it easier for investors to build healthy and profitable portfolios and manage their risks. Diversification is truly the only ‘free lunch’ in investing – and we are here to provide the tools, product range and insights to help our clients navigate their portfolios with confidence.”
