Saxo Bank announces 2023 results

In 2023, the Saxo Bank Group realised a net profit of DKK 653 million adjusted for a write down of software of DKK 299 million, net of tax, and a negative impact of DKK 94 million from the divestment of the joint venture Saxo Geely Tech Holding A/S (Saxo Fintech).

The write down of software followed the finalisation of the migration of BinckBank, highlighting the importance of one global technology stack, while the divestment of Saxo Geely Tech Holding A/S optimised both business operations and focus on core markets and clients.

Rising inflation and low volatility in financial markets resulted in lower trading and investing activity compared to 2022. The higher interest rates had a positive impact on financial performance for 2023, and the Saxo Bank Group has offered and will continue to offer clients market-leading interest rates and commissions. Taking into account the difficult trading conditions, the result is considered acceptable and within guidance.

The Saxo Bank Group continued to grow the number of end clients to a new record level of more than 1.1 million and an all-time high of DKK 745 billion in client assets, positively impacted by net funding of cash and securities of DKK 74 billion in 2023.

2023 key figures at a glance (2022):

• Total income: DKK 4,481 million (DKK 4,455 million)
• Net profit: DKK 260 million (DKK 711 million)
• Adjusted net profit: DKK 653 million (DKK 711 million)
• Total equity: DKK 6.4 billion (DKK 7.1 billion)
• Total client assets: DKK 745 billion (DKK 584 billion)
• Total number of end clients: 1,159,000 (1,018,000)
• Capital ratio: 32% (31%)

Commenting on the results, Kim Fournais, CEO and founder of Saxo Bank, said:

"In 2023, we have made further progress in building a more competitive, resilient, and relevant Saxo. We reached a record of more than 1.1 million end clients with assets exceeding DKK 745 billion. A key factor in attracting new clients and increasing the client assets was the introduction of our innovative interest rate model. This model allows clients to earn leading market interest rates on their uninvested cash without the usual restrictions, like lock-up periods.

2023 also marked Saxo Bank’s appointment as a Systemically Important Financial Institution (SIFI). It is a responsibility we embrace with humility and determination, and it underlines our commitment to being a trustworthy, prudent, and compliant partner to our clients and partners, and to the societies in which we operate.

The strategic focus remains unchanged with a continued emphasis on growing the number of clients and client assets, and on enhancing the product and platform offering to the benefit of our clients as well as focusing on our core markets. At the beginning of this year, we announced significant price cuts across markets to improve competitiveness and further empower investors to make more of their returns. The reduction in prices and fees is making it increasingly straightforward and appealing to diversify among different asset classes, a key component of a robust and successful investment portfolio."

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