Press Release

Saxo Bank announces 2020 results

The Saxo Bank Group welcomed a record high number of 238,000 new active clients and saw a continued inflow of clients' assets in 2020. This brings the Group’s total to a record of more than 660,000 active clients. The 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 today exceeds DKK 500 billion

The Saxo Bank Group reported a net profit of DKK 750 million for 2020 compared to DKK 40 million for 2019. The net profit for the Group when eliminating one-offs, equivalent to the Group’s normalised net profit, was above DKK 1 billion for 2020.

Operating income for the Group amounted to DKK 4,316 million in 2020 compared to DKK 2,611 million in 2019, corresponding to an increase of 65%. EBITDA increased to DKK 1,612 million up from DKK 822 million. 

2020 key figures at a glance (2019):

  • Operating income: DKK 4,316 million (DKK 2,611 million)
  • EBITDA (operating profit): DKK 1,612 million (DKK 882 million) 
  • Net profit: DKK 750 million (DKK 40 million) 
  • Total equity: DKK 7.4 billion (DKK 7.1 billion)
  • Total clients’ assets: DKK 478 billion (DKK 384 billion)
  • Total number of clients: >660,000 (>525,000)

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:

  • As we look back on 2020, we are both humbled and proud that we were able to reach new heights for Saxo Bank, welcoming a record number of more than 238,000 new trading clients. We now see the results of our strategic decisions to further broaden our relevance to more people especially within the investor segment - and we remain fully dedicated to enable our growing client base to fulfill their financial aspirations and make an impact.

  • 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. Our performance was similarly driven by a combination of external factors such as the increased volatility in the capital markets and a change in client behaviour as well as the continued execution on our strategy, which includes considerable investments over several years in digitisation, scalable infrastructure, processes, the integration of BinckBank and an improved client experience. 

  • The execution of our strategy has in particular increased Saxo Bank’s relevance to the investor segment, a segment that has grown by more than 280% in trading related revenue in 2020 and continued to diversify Saxo Bank’s revenue streams.

  • We have witnessed a seismic shift that has sparked much greater participation in financial markets. I founded Saxo Bank more than 28 years ago and still firmly believe, that the empowerment of retail investors is fundamentally positive – as they take ownership of their investments to better navigate their financial future, and also harness the benefits of long-term compounded growth, that only investments can offer over time. This comes with an important task for investment providers to support their clients - not only by giving access to the financial markets, but also delivering timely and relevant information as well as tools to help clients make informed investment decisions and manage their risk. 

Changes to Saxo Bank’s Board of Directors

The shareholders of the Saxo Bank Group have decided to propose a change to the composition of the Board of Directors with Kari Stadigh, former Group CEO and President of Sampo plc., becoming 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. 

The Saxo Bank Group's new Board of Directors will be approved by the shareholders at the annual general meeting 11 March 2021.

Kim Fournais, CEO and founder, commented:

“We would like to thank Daniel Donghui Li for his important contribution to the Saxo Bank Group over the last two years. Under Daniel’s chairmanship, we have made great progress in terms of expanding Saxo’s relevance to more clients and partners - especially in China with the establishment of our joint venture, Saxo Fintech, which truly strengthens our presence and opportunities in China with the support of our partner, Geely.

We are very proud that Kari Stadigh, one of the most renowned and respected leaders in the financial industry, will join the Group as our new Chairman. With his deep knowledge of the market and exceptional track record, we are well-positioned to execute on our strategy and further scale and grow our business.” 

Kari Stadigh commented:

”Saxo Bank has a unique business model and very strong shareholders, and with their full support, I am looking forward to becoming part of this growth journey. Saxo Bank’s powerful trading and investment platforms are the best in the market and have great potential globally – especially as more people across the world look for intuitive platforms to manage their investments.”

Bio for Kari Stadigh

Group CEO and President of Sampo plc. 2009–2019. Deputy CEO of Sampo plc 2001–2009. 
Chair of the Board of Directors of Mandatum Life Insurance Company Limited 2001–2019. Chair of the Board of Directors of If P&C Insurance Holding Ltd 2002–2019. Member of the Board of Directors of Nordea Bank AB (publ) 2010–2018. Chair of the Board Risk Committee (BRIC) of Nordea Bank AB (publ) 2011–2018.

Empowering clients to make informed investment decisions

  • More than 50,000 webinar attendees on topics spanning market updates, educational content, and risk management
  • 100% increase in daily unique users on platforms (2019 vs. 2020)
  • 167% increase in daily concurrent users on platforms (2019 vs. 2020)

The full report is available here:

About The Saxo Bank Group

Saxo Bank connects people to investment opportunities in global capital markets. As a provider of multi-asset trading and investment, Saxo’s vision is to enable people to fulfil their financial aspirations and make an impact. Saxo’s user-friendly and personalised platform experience gives investors exactly what they need, when they need it, no matter if they want to actively trade global markets or invest into their future.

Founded in 1992, Saxo Bank was one of the first financial institutions to develop an online trading platform that provided private investors with the same tools and market access as professional traders, large institutions and fund managers. Saxo combines an agile fintech mindset with close to 30 years of experience and track record in global capital markets to deliver a state-of-the-art experience to clients. The Saxo Bank Group holds four banking licenses and is well regulated globally. Saxo offers clients around the world broad access to global capital markets across asset classes where they can trade more than 40,000 instruments in over 25 languages from one single margin account. The Saxo Bank Group also powers more than 120 financial institutions as partners by boosting the investment experience they can offer their clients via its open banking technology.

Headquartered in Copenhagen, Saxo Bank’s client assets total more than DKK 500 billion and the company has more than 2,200 financial and technology professionals in financial centers around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo. 

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