Saxo Bank Reports Slight Decrease in Net Profit in H1 2021

Saxo Bank, one of the largest online investment banks in Europe, has published its financial figures for the first half of 2021, showing a slight decrease in net profit on a YoY basis.

More specifically, the bank registered a net profit of DKK 512 million (USD $84 million) for the first six months of 2021, compared to DKK 529 million in H1 2020. Revenue stood at DKK 2.424 billion (USD $396 million) for the the first half of 2021, compared to DKK 2.302 billion during the same period in 2020.

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Operating income came in at DKK 2.4 billion in H1 of 2021, compared to DKK 2.3 billion from a year earlier. In the first six months of 2021, the bank also recorded more than 790,000 clients and total clients’ assets totaled DKK 595 billion. EBITDA for H1 2021 reached DKK 963 million, compared to DKK 967 million in H1 2020.

“During the first six months of the year, more than 159,000 new active clients opened an account with Saxo Bank – we are both proud and humbled that an increasing number of people continue to put their trust in us. As of June 30th, we service more than 790,000 clients and hold DKK 595 billion in clients’ assets, which is another record-breaking milestone in Saxo Bank’s 29-year history. It took 25 years to reach the DKK 100 billion milestone and then only 4 years to add an additional DKK 500 billion in clients’ assets,” commented Kim Fournais, CEO and co-founder of Saxo Bank.

As Fazzaco reported earlier, Saxo Bank has posted its client trading volumes for the month of July​. It's total trading volumes came in at $309.5 billion in July, which is up 9 percent compared to the previous month. Trading volumes of its equities business stood at $155.4 billion, which is up 22.7 percent MoM. Core FX trading volumes were at $111.9 billion, up 5 percent MoM.