Saxo Bank saw record 159K new clients in H1

The Saxo Bank Group announced its financial results for the first half of 2021 with strong client growth.

The Denmark-based Group record number of 790,000 active clients in H1 2021 and total clients’ assets reached DKK 595 billion. The firm onboarded 159,000 new trading clients.

The financial service provider reported net profit of DKK 512 million for the first six months, slightly down, compared to DKK 529 million for the same period last year.

Operating income stood at DKK 2.4 billion for the first half of 2021, registering a 5% uptick, compared to DKK 2.3 billion for the same period last year. EBITDA was DKK 963 million in H1 from DKK 967 million during the same period the previous year.

saxo bank revenues

Kim Fournais, CEO and founder of Saxo Bank, said:

Kim Fournais, Saxo Bank

Kim Fournais

As we look ahead, it is clear that we live in a world that is still seeing many uncertain and unprecedented experiments both financially, technologically, socially and health-wise.

We are confident Saxo Bank is heading in the right strategic direction. We are building a prudent financial institution that is part of the solutions needed in the future and we remain committed to constantly improving the SaxoExperience, providing our clients with timely, relevant, and engaging content when using our platforms. In the second half of the year, we will have completed the BinckBank integration, which will be a major milestone for the Group.

Regarding the outlook for the full year, Saxo Bank noted that its trading volumes are dependent on the volatility, which has been higher due to the pandemic. However, the company expects that the volatility would be lower in the next half of the year, leading to lower revenues and trading activity.

The announcement added:

With that in mind and based on the result for first six months of 2021, the Saxo Bank Group now expects to end 2021 with a positive net profit in the range of DKK 650 – 800 million. The Group previously expected a net profit for the full year in the range of DKK 500 – 800 million as stated in the Annual Report 2020.

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