Saxo Bank Reports Significant Net Profit Increase in 2020

Saxo Bank, a multi-asset trading and investment provider, announced its latest financial results and reported a significant increase in net profit. The bank saw net profit of DKK 750 million for 2020, compared to just DKK 40 million in 2019.

According to the official press release, the operating income for the bank reached DKK 4,316 million in 2020, which was 65% up from DKK 2,611 million in 2019. In addition, the EBITDA increased to DKK 1,612 million up from DKK 822 million.

For 2020, the bank saw a record high number of 238,000 new active clients, bringing the company's total to a record of more than 660,000 active clients. The company further said that its total client base has grown more than 230% since 2018, with a strong acceleration of organic growth in 2020. Total clients' assets ended at DKK 478 billion in 2020 and exceeds DKK 500 billion.

Kim Fournais, CEO and Founder of Saxo Bank commented:”The financial result for 2020 was satisfactory and a testament to the quality of our platforms, products, prices, and services – and high levels of trust from our growing client base. “

The bank also announced that it will propose a change to the composition of the Board of Directors. Kari Stadigh, former Group CEO and President of Sampo plc., will be appointed as 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.