Saxo Bank reports 2020 net profit of DKK 750 million

The Saxo Bank Group announced its financial results for 2020 with strong net profit which increased to DKK 750 million from DKK 40 million in the previous year.

The Denmark-based Group reported high number of 238,000 new active clients in 2020 and a total number of active clients reaching 660,000. The company stated that its client base has increased 280% since 2018.

The financial service provider also registered operating income of DKK 4,316 million in 2020 with a 65% from the DKK 2,611 million in 2019. EBITDA raised to DKK 1,612 million in 2020 from DKK 822 million in the previous year.

saxo bank revenues

Kim Fournais, CEO and Founder of Saxo Bank, commented:

Kim Fournais, Saxo Bank

Kim Fournais

As we look back on 2020, we are both humbled and proud that we were able to reach new heights for Saxo Bank, welcoming a record number of more than 238,000 new trading clients. We now see the results of our strategic decisions to further broaden our relevance to more people especially within the investor segment – and we remain fully dedicated to enable our growing client base to fulfill their financial aspirations and make an impact.

The shareholders of the bank have also decided to make changes to the composition of the Board of Directors. They proposed that Kari Stadigh, former Group CEO and President of Sampo plc., becomes Chairman of the Board of Saxo Bank replacing Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, who will continue as a member of the Board.

The shareholders will vote on the changes on their annual general meeting on 11 March 2021.

Kari Stadigh commented:

Saxo Bank has a unique business model and very strong shareholders, and with their full support, I am looking forward to becoming part of this growth journey. Saxo Bank’s powerful trading and investment platforms are the best in the market and have great potential globally – especially as more people across the world look for intuitive platforms to manage their investments.

Fournais, commented:

We would like to thank Daniel Donghui Li for his important contribution to the Saxo Bank Group over the last two years. Under Daniel’s chairmanship, we have made great progress in terms of expanding Saxo’s relevance to more clients and partners – especially in China with the establishment of our joint venture, Saxo Fintech, which truly strengthens our presence and opportunities in China with the support of our partner, Geely.

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