Dubai, United Arab Emirates: The Saxo Bank Group reported an operating profit of USD 75 million compared to USD 56 million for the same period last year corresponding to an increase of 34%.

During the first six months of the year, an uncertain macro environment and low market volatility led to lower trading and investment activity among the bank’s clients, which was offset by higher interest income.

In June, Saxo Bank announced its divestment of the 50% interest in Saxo Geely Tech Holding (Saxo Fintech) in order to optimise the bank’s business operations and focus on core markets and clients. The divestment impacts net profit in the first half of 2023 negatively by USD 14 million bringing the adjusted net profit to USD 54 million compared to USD 43 million for the same period last year. The Saxo Bank Group expects the full year’s net profit adjusted for the divestment of Saxo Geely Tech Holding to be maintained in line with the previously guided range of USD 94-115 million.

The Saxo Bank Group reached a historic milestone of 1 million end clients and USD 104 billion in client assets, positively impacted by net funding of cash and securities of USD 11 billion in the first half of 2023.

Moreover, Saxo Bank was appointed as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA) and received a BBB credit rating with a positive outlook from Standard & Poor’s, highlighting Saxo Bank’s strong capital position and business model as well as a cautious approach to risk management. 

H1 2023 key financial figures (H1 2022)

  • Total income:                   USD 322 million (USD 309 million)
  • Operating income:          USD 75 million (USD 56 million)
  • Net profit (adjusted):       USD 54 million (USD 43 million)
  • Net profit:                        USD 41 million (USD 43 million)
  • Total client assets:          USD 104 billion (USD 85 billion)
  • Total capital ratio:           31.9 % (28.1%)

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: “While this year was marked by challenging market conditions and continued geopolitical tensions, our half-year results demonstrated resilience and adaptability in the face of changing market dynamics. One constant, however, has been Saxo Bank's unwavering commitment to support our clients and to continuously improve our products, platforms, and services. We are proud to announce the significant milestone of 1 million end clients that now trust us with more than USD 100 billion in client assets.”

“With our new and transparent interest rate model, we empower clients to earn market-leading interest on their uninvested cash, free from the usual constraints, such as lock-in periods. When rates rise, our clients are the first to benefit. This is core to our belief that win-win should be the foundation of our relationships with our clients and the world around us. Both our higher interest rates and lower prices and commissions have been well-received, evidenced by the continued increase in net funding. However, we are also transparent that passing on rate hikes immediately to our clients is reducing the short-term positive impact on financial performance, but we do believe it to be the right long-term approach for our business and clients,” he continued.

“Of particular significance is Saxo Bank's recent SIFI designation. We were pleased to receive a BBB rating with a positive outlook from S&P Global Ratings, which highlights our strong capital position and business model, cautious approach to risk management, and ambitious growth strategy. It's a reaffirmation that an increasing number of clients and partners trust us with their assets and savings – and we will continue to do our very best to honour that trust,” Fournais added.

Changes to the Board of Directors

Marika Frederiksson has decided to retire from her position as a member of the Board of Directors upon the approval of this half-year report. This decision is a consequence of the bank’s SIFI appointment that comes with limitations to the number of directorships each director may hold.

The entire Saxo Bank Group extends its deep appreciation to Marika for her valuable contributions during her tenure.

The full H1 2023 report can be found here: Investor relations

About Saxo Bank Middle East

At Saxo, we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo Bank was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible to more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest. It was also the first Scandinavian bank to establish a presence in the GCC when it launched an office in Dubai, back in May 2009, to cover its regional operations for the MENA region.

Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions, including a Representative Office license by the Central Bank of the UAE.

As one of the earliest fintechs in the world, Saxo continues to invest heavily in our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo employs more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit http://www.home.saxo/me.

For Media enquiries, please contact Matrix PR
Shirin Zemmo: Shirin@matrixdubai.com
Krishika Mahesh: Krishika@matrixdubai.com