Saxo Bank announces 2022 results

PRESS RELEASE - Copenhagen, 24 February 2023

Saxo Bank Group reported a net profit of EUR 96 million for 2022, compared to EUR 102 million for 2021 and ended above the half-year guidance of EUR 80 million.

Several significant macro factors impacted our 2022 results. On the positive side, rising interest rates contributed to a higher interest income, while declining equity markets meant Investors acted more cautiously, dampening our revenue growth. Total income for the Group amounted to EUR 599 million in 2022 compared to EUR 609 million in 2021.

Despite challenging market circumstances, Saxo welcomed 157,000 new clients during 2022 and the positive inflow of new clients led to a record high number of 876,000 clients per 31 December 2022. Total client assets by the end of 2022 amounted to EUR 79 billion, versus EUR 86 billion in 2021, and has in 2022 been negatively affected by the declining equity markets, though partly offset by positive net funding from clients of EUR 6 billion.

During 2022, the Saxo Bank Group continued the high level of investments in platforms, new products and services as well as further digitisation to continue to improve the client experience.

Furthermore, the migration of clients from the BinckBank acquisition in 2019 was finalised in 2022. More than 400,000 clients across four different jurisdictions have now been migrated to Saxo Bank and all our clients are now served through one technology infrastructure.

2022 key figures at a glance (2021):

Total income: EUR 599 million(EUR 609 million)

  • Net profit: EUR 96 million(EUR 102 million)
  • Total equity: EUR 1 billion (EUR 1 billion)
  • Total client assets: EUR 79 billion (EUR 86 billion)
  • Total number of clients: 876,000 (820,000)
Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:
​2022 was a year where we witnessed geopolitical and market events that were both devastating and remarkable. Saxo’s ability to navigate the world circumstances, helping our clients and partners navigate the markets and be invested throughout the macro cycles, is why we are here. Our 2022 result highlights the resilience of our business model in terms of client and product mix as well as geographical presence, as it reduces our vulnerability to the impact from macroeconomic and country-specific conditions.
​Our strategic focus remains unchanged with a continued emphasis on growing our client and client asset base, and on enhancing the product and platform offering to the benefit of our clients. The market conditions for 2023 remain highly uncertain with regards to market volatility, inflation, and interest rates, and as a result, Saxo Bank Group expects a Net profit in the range of EUR 85-110 million in 2023.

The full report is available here: https://www.home.saxo/about-us/investor-relations

Press contact

Wim Heirbaut

Senior PR Consultant, Befirm

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About Saxo

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 solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched 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, Saxo is 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 fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s 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 150 financial institutions as partners by boosting the investment experience they can offer their clients (B2B2C). Keeping our headquarters in Copenhagen, Saxo has more than 2,300 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit: www.home.saxo

 

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