Multi-asset investment specialist Saxo Bank has reached another major milestone, surpassing DKK 800 billion (USD 116.1 billion) in client assets.
Kim Fournais, Founder and CEO, commented:
“We are grateful for the trust of our customers, which made it possible to reach this milestone. Our price reduction at the start of the year attracted and continues to attract many new customers and assets. In addition, our broad range of products and offerings allow clients to diversify their portfolios, mitigating the risks associated with market volatility, which is a key issue for our growing client base.”
Last year, S&P Global Ratings upgraded the bank’s long-term credit rating to ‘A-‘, reflecting a strengthened financial profile and improved capital buffers that are in line with requirements for systemically important financial institutions (SIFIs).
Saxo Bank’s revenue amounted to DKK 2.239 billion (USD 320 million) in the second half of 2023, almost the same as in the first half of the year (DKK 2.242 billion). However, on balance, Saxo posted a net loss of DKK 22 million ($3 million) in the July-December 2023 period, compared to a profit of DKK 282 million in the first half of the year. The loss was mainly due to a software write-off and a negative impact of DKK 94 million from the divestment of the joint venture Saxo Geely Tech Holding.
Let’s note a recent Reuters report that Saxo Bank has invited investment banks to submit a role in contributing to the sale of the company.