Forex Broker News: Saxo Bank Operating Revenue Jumps In H121
Forex Industry

Forex Broker News: Saxo Bank Operating Revenue Jumps In H121

  • Forex Broker Saxo Bank’s Operating Revenue Jumps To DKK 2.4 Billion for first half of 2021
  • Net profit for the group is also up to DKK 512 million for the same period.
  • Record number of 159,000 new clients for the Danish forex broker and bank

It’s been an excellent first six months of the year for the Forex broker Saxo Bank Group. The Danish provider of online trading services have just released its financial results for H1 2021 and they make for excellent reading.

The operating income for Saxo Bank came in at DKK 2.4 billion for the first half of the year compared to DKK 2.3 billion for the same period in 2020. The forex broker also reported a net profit of DKK 512 million for the first half of 2021 which was slightly down on the DKK 529 million in the same period for 2020.

Saxo Bank also saw record growth in the number of clients as an impressive 159,000 new trading clients signed on with the financial services provider. The company now has more than 790,000 clients which makes it one of the largest banks in Denmark.

Total client’s assets for the forex broker reached DKK 595 billion as at 30 June 2021. The EBITDA for the first six months of 2021 reached DKK 963 million. This was down slightly from DKK 967 million in H1 2020.

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Forex Broker Saxo Bank Upbeat On Latest Results

Saxo Bank’s CEO and founder, Kim Fournais was understandably quite positive about this financial performance in these challenging times.

“During the first six months of the year, more than 159,000 new active clients opened an account with Saxo Bank – we are both proud and humbled that an increasing number of people continue to put their trust in us. As of June 30th, we service more than 790,000 clients and hold DKK 595 billion in clients’ assets, which is another record-breaking milestone in Saxo Bank’s 29-year history”.

Fournais explained that it took 25 years to reach the DKK 100 billion milestone and then only 4 years to add an additional DKK 500 billion in clients’ assets – an impressive achievement on any count.
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Rosy Outlook For Saxo Bank For The Rest Of The Year

Saxo Bank is also positive for the forex broker’s performance in the rest of the year.

“The Saxo Bank Group now expects to end 2021 with a positive net profit in the range of DKK 650 – 800 million. The Group previously expected a net profit for the full year in the range of DKK 500 – 800 million as stated in the Annual Report 2020,” the company highlighted in notes to the financial statements.

Earlier this week, Saxo Bank continued strengthening its human resources team by selecting Camilla Dahl Hansen as Chief Saxo Experience Officer.

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Gerald Fenech

Gerald Fenech

Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain