Saxo Bank's 2023 Net Profit Falls, But Clients Hit Record

Saxo Bank, the Copenhagen-based online trading and investment specialist, has released its financial results for the full year of 2023, showing that the annual net profit dropped, the number of clients, however, reached a record high.

The group realized adjusted net profit of DKK 653 million in 2023, dipping 8.2% from DKK 711 million in 2022. Total income declined slightly to DKK 4,481 million. Rising inflation and low volatility in financial markets resulted in lower trading and investing activity, notes the group.

Whereas, the group reached a record of more than 1.1 million end clients, with assets crossing DKK 745 billion.

Total equity at the year end was DKK 6.4 billion, falling from DKK 7.1 billion in 2022. Capital ratio registered a modest growth from 31% to 32%.

In the first month of 2024​, Saxo Bank saw a slight increase of 1.6% on a monthly basis in total trading volume to $375.5 billion.

Besides, early this month Fazzaco reported that Charles White-Thomson​ has resigned from his role as CEO of Saxo Markets UK and a Member of the Board of Directors of Saxo Capital Markets UK Ltd.