Saxo Bank Ensures System Compliance Despite FSA Flagging

Saxo Bank’s Profits Stay Flat in 2021

Saxo Bank Group has reported a marginal increase in profits for 2021, with revenue coming in 4.6% higher. The bank attributes this growth to its diverse product offering and international client base. In terms of profits, Saxo Bank Group fared marginally better than in 2020, with a total of DKK 755 million made compared to the previous year’s DKK 750 million.

The EBbroerITDA for the 12 months came in flat at DKK 1.62 billion, but the total equity dropped from DKK 7.4 billion to DKK 7.2 billion.

Saxo Bank’s Founder and CEO, Kim Fournais, said the financial result for 2021 was satisfactory.

Another Rush in Retail Trading

Although the financials were timid, all client-centric parameters showed excellent growth last year. The Danish broker onboarded a record number of 263,000 new clients on its trading platform last year, thus closing the year with 820,000 in total clients.

Saxo Bank’s thriving client base helped contribute to a successful year overall. The total assets held by clients on the Saxo platform jumped significantly, reaching DKK 640 billion at the close of the year. It’s an impressive increase from the DKK 478 billion in assets held at the end of the previous year.

Saxo Bank saw growth and consolidation in 2021. They saw a record-high inflow of clients and client assets in the first quarter. This growth continued in later quarters, albeit at a more moderate level.

Saxo Bank’s acquisition of BinckBank in August 2019 helped the company add more than 400,000 direct clients from the Netherlands, Belgium, France, and Italy. In a phased approach, customers are being transferred to Saxo.

The CEO of BinckBank said that completing the migration will be a significant milestone and will release more resources to focus on further scaling and growing the business. They also mentioned that this would optimize their processes and technology.

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