Saxo Bank reports stable revenue and net profit growth for 2021

Copenhagen-based broker Saxo Bank announced an increase in revenue for 2021 as Covid-19 remains a key trigger for client trading activity, but its revenue was almost the same compared to the previous year .

FX Bank announced its financial results for the twelve months ending December 31, 2021. The multi-asset group marked a slight increase in revenue, which amounted to DKK 4.5 billion ($685 million). , up 4% from DKK 4.3 billion for the same period last year.

In terms of earnings metrics, Saxo Bank reported a net profit of DKK 755 million ($114 million), virtually unchanged from the DKK 750 million in the January-December 2020 period.

Additionally, Saxo Bank gained more customers with total active accounts exceeding 820,000 for the first time in the company’s 30-year history. After opening more than 263,000 new accounts last year, total client assets under custody increased to DKK 640 billion in December 2021.

It was another record milestone for the Danish broker, which took 25 years to reach the DKK 100 billion mark and then only 4 years to add another DKK 540 billion of client assets.

BinckBank customers will be fully migrated in 2022

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: “The year 2021 has been marked by both growth and consolidation for the Saxo Bank Group. In the first quarter, we saw a record influx of customers and customer assets. In the following quarters, growth rates remained positive, albeit at a more moderate level, and we successfully completed the migration of BinckBank’s over 400,000 direct clients, expanding our presence in Central Europe. We would like to thank our passionate and hardworking Saxons who, despite the challenges imposed by COVID-19, have worked tirelessly to make the transition as smooth as possible for our many clients moving to a new and better investment platform, where they had to get used to. to the new touch and feel that comes with such a change.

Saxo Bank added that it had completed the integration with BinckBank, which it acquired in 2019, but the last segment of the Dutch lender’s customers had yet to migrate later this year. The transaction added more than 400,000 direct customers in four jurisdictions in the Netherlands, Belgium, France and Italy.

Both companies have been working on integrating their technology infrastructure over the past two years. They also plan to launch additional products and services to better compete against fierce competition in the online trading and investing industry.

Saxo said their similar geographic footprint, products and customer bases meant the merger made sense and would also bring efficiencies.