Saxo Bank Group Benefits from COVID-19, Reports Record H1 2020

Saxo Bank Group Benefits from COVID-19, Reports Record H1 2020

August 21, 2020

The Saxo Bank Group has announced its financial results for the first half of 2020 this Friday, reporting a net profit for the six month period, as compared to a loss for the same period year on year.

In particular, Saxo Bank has reported a record number of new clients, client assets, the number of trades, growth in the equity trading business and operating income more than doubled during the first six months of the year.

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For H1 of 2020 net profit was DKK 529 million (US$84.39 million) which is significantly stronger than the net loss of DKK 139 million the multi-asset broker recorded in the first half of last year.

Operating income increased by 107 per cent year on year, climbing from DKK 1.1 billion as of June 2019 up to DKK 2.3 billion. The company has referred to this as a “very satisfactory” result.

Saxo Bank grows active client base

The Group posted record-high levels of new clients, with its direct client base growing by more than 80,000 new active clients. With these new active traders, the company achieved a record-high total of more than 620,000 clients.

Total client assets also more than doubled in the first half of this year. Coming in at DKK 395 million, total client assets as of the 30th of June 2020 was higher by 201.5 per cent from DKK 131 million in the first half of 2019.

Commenting on the results, Kim Fournais, CEO and founder of Saxo Bank, said in the statement: “The financial result of the first six months of 2020 is very satisfactory. The result is positively affected by external factors such as the increase in volatility in global capital markets. 

“The result is also driven by the continued execution of our strategy, including the high investments into digitisation, scalable infrastructure, automated processes, and an improved Saxo Experience, leading to a significant growth in number of new clients and client assets. 

“With the financial result for the first half of the year and an even stronger capital position, we are well-positioned to continue our ambitious investments to create an even better Saxo Experience for our current and future clients.”

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