The Saxo Bank Group has reported a robust financial performance for the first half of 2024, with an adjusted net profit of EUR 68 million, marking a 35% increase compared to EUR 50 million for the same period last year. This growth reflects the bank’s strategic initiatives, including a new competitive pricing structure and significant improvements to the client experience.

During 2024, Saxo Bank introduced a pricing strategy that lowered costs for clients, which, despite its short-term impact on revenues, contributed to attracting a record number of clients. By the end of June 2024, Saxo Bank boasted over 1.2 million end clients and EUR 109 billion in client assets, a testament to the bank’s expanding reach and customer trust.

The financial markets experienced low volatility in the first half of 2024, resulting in subdued trading and investing activity. However, Saxo Bank benefited from higher interest rates and a positive inflow of client funding, which bolstered its financial performance. Total income for the first half of 2024 increased slightly to EUR 311 million, compared to EUR 300 million in the same period of 2023. Income was well-diversified, with trader clients, investor clients, and institutional clients each contributing approximately one-third of the total income.

In recognition of Saxo Bank’s strong financial position, S&P upgraded the bank’s credit rating from BBB to A- during the first half of the year. This upgrade underscores the bank’s financial stability and the effectiveness of its strategic initiatives.

In a bid to streamline operations and focus on key markets, Saxo Bank has initiated a restructuring of its distribution model in the Asia-Pacific region. This includes strategic assessments of its offices in Hong Kong, Japan, and Australia, while the Shanghai office is being closed. The restructuring has resulted in costs of EUR 6 million during the first half of 2024.

Saxo Bank expects its full-year adjusted net profit to fall within the previously guided range of EUR 114 to 134 million, reflecting the positive momentum from the first half of the year.

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, emphasized the importance of the bank’s strategic focus on client satisfaction, competitive pricing, and portfolio diversification. He noted that Saxo Bank is committed to providing clients with the tools, products, and insights necessary to build diversified and profitable portfolios, particularly in uncertain market conditions.