Press Release

Saxo announces H1 2023 operating profit of USD 75 million

SYDNEY, 21 September 2023Saxo Bank, parent of the wholly-owned subsidiary Saxo Australia, has reported a first-half (H1) 2023 operating profit of USD 75 million, a 34% increase on the corresponding period last year.

An uncertain macro environment and low market volatility has led in H1 2023 to lower trading and investment activity among clients, offset by higher interest income.

In June, Saxo Bank announced the divestment of its 50% interest in Saxo Geely Tech Holding (Saxo Fintech) in order to optimise the bank’s business operations and focus on core markets and clients. The divestment negatively impacts net profit in H1 2023 by USD 14 million, bringing adjusted net profit to USD 54 million, compared to USD 43 million for the corresponding period last year.

The Saxo Group expects full-year net profit (adjusted for the divestment of Saxo Geely Tech Holding) to be maintained in line with the previously guided range of USD 94-115 million.

The Saxo Group in H1 2023 reached a historic milestone of one million end clients and USD 104 billion in client assets, positively impacted by H1 2023 net funding of cash and securities of USD 11 billion.

Moreover, Saxo Bank was appointed a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA), and received a BBB credit rating with a positive outlook from Standard & Poor’s (S&P). This highlights Saxo Bank’s strong capital position and business model, as well as its cautious approach to risk management.

H1 2023 key financial figures (H1 2022)
Total income:USD 322 million (USD 309 million)
Operating income:USD 75 million (USD 56 million)
Net profit (adjusted):USD 54 million (USD 43 million)
Net profit:USD 41 million (USD 43 million)
Total client assets:USD 104 billion (USD 85 billion)
Total capital ratio:31.9% (28.1%)
Commenting on the results, Kim Fournais, Chief Executive Officer (CEO) and Founder of Saxo Bank, said: “While this year was marked by challenging market conditions and continued geopolitical tensions, our half-year results demonstrated resilience and adaptability in the face of changing market dynamics. One constant, however, has been Saxo Bank's unwavering commitment to support our clients and to continuously improve our products, platforms, and services. We are proud to announce the significant milestone of one million end clients that now trust us with more than USD 100 billion in client assets”.

Mr Fournais added: “Of particular significance is Saxo Bank's recent SIFI designation (in Denmark). We were pleased to receive a BBB rating with a positive outlook from S&P Global Ratings, which highlights our strong capital position and business model, cautious approach to risk management, and ambitious growth strategy. It's a reaffirmation that an increasing number of clients and partners trust us with their assets and savings, and we will continue to do our absolute best to honour that trust”.

Saxo Australia CEO Adam Smith said: “With our new and transparent interest rate model, we empower Australian clients to earn interest on their uninvested funds, free from constraints such as lock-in periods. This is core to Saxo Australia’s belief that ‘win-win’ should underpin its relationships with both clients and the world around us. Additionally, Saxo Australia was proud in H1 2023 to launch SaxoSelect, a digital and automated investment service that enables investors to much more affordably allocate their funds to world-leading investment management experts, based on their preferred investment style”.

The full H1 2023 report can be found on Saxo’s Investor Relations webpage.

* Definitions are outlined in the Saxo 2022 Annual Report.
Angelo Risso
Communications and PR Manager, Australia

Phone: +61 2 8267 9024
Mobile: +61 498 333 025

At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment, Saxo’s purpose is to Get Curious People Invested in the World, and we are committed to giving our clients more ways to make more of their money. We were founded in Copenhagen, Denmark in 1992 with a clear vision: we believe that access to global capital markets should not be the privilege of a select few. By 1998, we were one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.

Today, we are an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable company, Saxo is a fully licensed bank under the supervision of the Danish FSA and we hold broker and banking licenses in multiple jurisdictions. Saxo has operated in Australia since 2012 and is a licensed subsidiary regulated by ASIC. As one of the earliest Fintechs in the world, we continue to invest heavily into our technology. Our clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, we have expanded our reach to having more than 2500 professionals in financial centers around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit:

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

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The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

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