Multi-asset investment specialist Saxo Bank has reached another significant milestone, exceeding DKK 800 billion (USD 116.1 billion) in client assets.
Kim Fournais, Founder and CEO, commented:
“We are grateful for the trust of our clients, which has made reaching this milestone a possibility. Lowering our prices at the start of the year attracted, and keeps attracting, many new clients and assets. Additionally, our broad product range and offerings allow clients to diversify their portfolios, mitigating risks associated with market volatility, which is a key theme 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 buffer capitals that are in line with the requirements for systemically important financial institutions (SIFIs).
Revenues at Saxo Bank came in at DKK 2.239 billion (USD $320 million) in the second half of 2023, virtually identical to the first half of the year (DKK 2.242 billion). However on the bottom line Saxo posted a net loss of DKK 22 million ($3 million) in the July-to-December 2023 period, versus a profit of DKK 282 million in the first half of the year. The loss was due mainly to a write-down of software, and a negative impact of DKK 94 million from the divestment of the Saxo Geely Tech Holding joint venture.
Let’s note a recent report by Reuters that Saxo Bank has invited investment banks to pitch for a role in helping to sell the company.
