Saxo Bank's 2023 Net Profit Declines Despite Record Number of Clients

Saxo Bank, a world-leading provider of online trading and investment, has announced its financial results for the full year 2023, reporting declined annual net profit and a record client base.

The group’s adjusted net profit of DKK 653 million in 2023 dropped 8.2% compared to DKK 711 million in 2022. Total income for 2023 declined slightly to DKK 4,481 million. According to the group, lower trading and investing activity resulted from rising inflation and low volatility in financial markets.

However, Saxo’s client base hit a record high at over 1.1 million, with assets exceeding DKK 745 billion.

Total equity at the end of 2023 was DKK 6.4 billion, a decrease from DKK 7.1 billion in 2022. Capital ratio of 32% saw a modest growth from 31%.

In the first month of 2024, Saxo Bank’s total trading volume witnessed a slight increase of 1.6% month-over-month to $375.5 billion.

As reported earlier this month, Charles White-Thomson resigned from its role as CEO of Saxo Markets UK and a Member of the Board of Directors of Saxo Capital Markets UK Ltd.