Saxo Bank Group, the Copenhagen-based retail FX and CFDs broker, last week announced the group's results for the first half of 2023.
The company said that uncertainty in the macro environment and low market volatility led to a decrease in trading and investment activities by the bank's customers, but this was offset by higher interest income.
In the first half of 2023, Saxo Bank Group totaled DKK 2,242 million in income, an increase compared to the same period last year, while DKK 520 million in operating income, an increase of approximately 34% year-on-year compared to DKK 388 million in the first half of 2022.
Total customer assets during the period increased by about 22% to DKK 721bn compared to DKK 591bn in the same period last year.
In addition, the company's net profit in H1 2023 amounted to DKK 282 million and adjusted net profit amounted to DKK 376 million.
"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 improving 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 DKK 700 billion in client assets," commented Kim Fournais, CEO and Founder of Saxo Bank.
In addition, Saxo Bank has been appointed as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (Danish FSA) and has received a BBB credit rating from Standard & Poor's. The company says this highlights Saxo's strong capital position and business model, as well as its prudent approach to risk management.
Saxo Group recently announced that its board member Marika Frederiksson will retire following the approval of this semi-annual report. This decision is due to the SIFI appointment limiting the number of directorships each director can hold.