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Saxo Bank reports decline in net profit for 2023

Saxo Bank reports decline in net profit for 2023

Danish broker Saxo Bank has released its financial results for 2023, showing a decline in net profit in the second half of the year.

Saxo Bank's revenue in the second half of 2023 reached DKK 2.239 billion, down slightly from DKK 2.242 billion in the first half of the year.

The company's net profit decreased from DKK 282 million in the first half of the year to DKK 22 million in the second half of the year, mainly due to a negative effect of DKK 94 million from Saxo Geely Tech Holding.

For the full year, Saxo Bank's revenues reached DKK 4,481 million, and net profit decreased by 63% year-on-year to DKK 260 million.

Net interest income in 2023 was DKK 2.0 billion, and fee income was DKK 1.31 billion.

Saxo Bank highlighted its designation as a Systemically Important Financial Institution (SIFI), which underscores its commitment to being a trusted and compliant partner.

"In 2023, we made further progress in building a more competitive, sustainable, and relevant company. We reached a record number of more than 1.1 million end clients with more than DKK 745 billion in assets," said Kim Fournet, CEO and Founder of Saxo Bank.

"Our strategic focus remains unchanged: we continue to focus on growing our client base and client assets, enhancing our products and platforms for the benefit of our clients, and growing in our core markets," he added.

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