Saxo announces H1 operating profit of USD 75 million, up 34% from last year

Saxo has reported a first half (H1) 2023 operating profit of USD 75 million, a 34% increase from the same period last year. While an uncertain macro environment and lower market volatility has led to a decrease in trading and investment activity, this was offset by higher interest income.

In June, Saxo announced the divestment of its 50% interest in Saxo Geely Tech Holding (Saxo Fintech) in order to optimise 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.

Saxo 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.

In H1 2023, Saxo reached a historic milestone of 1 million end clients and crossing USD 100 billion in client assets globally. This was positively impacted by H1 2023 net funding of cash and securities of USD 11 billion.

Additionally, Saxo was also appointed a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA), and received investment grade rating from S&P. This highlights Saxo’s strong capital position and business model, as well as its cautious approach to risk management. 

Kim Fournais, CEO and Founder, Saxo, 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’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.”

He also added, “Of particular significance is Saxo’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 very best to honour that trust.”

Adam Reynolds, APAC CEO, Saxo, said, “Since Saxo came to Asia in 2006 with the opening of our Singapore office, we have prioritised building a resilient business so we can always service our clients with the same level of quality regardless of market conditions.”

“In over 15 years here, we have seen sustained growth in both Saxo’s institutional and direct business in Singapore, and we have launched countless products in this region to expand our offering to clients. So far in 2023, we have introduced our new and transparent interest rate model as well as a competitive pricing improvement in our US Equities, US ETFs and Bonds offerings. We are focused on ensuring Saxo’s business stays robust and our H1 results this time around shows that we have been successful in this endeavour.”

For more information, visit our Investor Relations page here: https://www.home.saxo/en-sg/about-us/investor-relations