Saxo Bank Group announces 2021 results; Saxo Markets in Singapore continues to see robust growth across new clients and clients’ assets

SINGAPORE, 10 March 2022 – The Saxo Bank Group welcomed a record high number of 263,000 new clients and saw a continued inflow of client assets. This brings the total number of clients to a record of 820,000 who entrusted the Group with EUR 86 billion (SGD 130 billion) of their assets by end of 2021.

The Saxo Bank Group reported a net profit of EUR 102 million (SGD 154 SGD) for 2021 compared to EUR 101 million (SGD 152 million) for 2020. Total revenue for the Group amounted to EUR 609 million (SGD 921 million) in 2021 compared to EUR 581 million (SGD 878 million) in 2020. EBITDA remained at EUR 217 million (SGD 328 million).

In Singapore, Saxo Markets, the licensed subsidiary of Saxo Bank, also saw a robust level of client activity, continued climb in number of new active clients as well as growth in clients’ assets. To continue supporting investors to navigate the markets, 2021 also saw Saxo in Singapore expand product offerings and offer more choices for clients. Key events include:

• Launching LionGlobal Dynamic Growth: Asian Perspective, a managed portfolio with an Asian lens, designed in partnership with Lion Global Investors, which offers investors high flexibility and a low service fee, and which is also available as a Regular Savings Plan
  
  
• Introducing a Crypto FX offering, offering investors reliable, regulated, and transparent access to diversification and hedging in the most popular cryptocurrencies
  
  
• Introducing a referral programme to Close the Gender Gap to encourage more women to get started, or to get better at investing to narrow the gender gap in investing
  
  
• Announcing a collaboration with HSBC in Singapore to strengthen its equities investment offering to all retail banking customers, including those residing overseas
  
  
• Launching bunded pricing plans, making Saxo the first in the investment and brokerage space in Singapore to offer bundle packages for investors

Commenting on the healthy performance of Saxo in Singapore, Adam Reynolds, APAC CEO, Saxo Markets, said, “We want to thank all our clients in Singapore for continuing to place their trust in Saxo. As more people now access the capital markets, it’s more important than ever that investors are given better access to company and trading data and the right tools and products to improve their access to funding, and to broaden their investment opportunities. The Crypto FX offering and the bundled pricing plans are examples of innovative products we introduced in 2021 that have generated significant interest. We remain positive and upbeat about the growth of the business in 2022, as we continue to roll out new and innovative products in the Singapore market this year.” 

2021 key figures at a glance (2020):

• Total revenue: EUR 609 million (EUR 581 million)
  
• EBITDA: EUR 217 million (EUR 217 million) 
• Net profit: EUR 102 million (EUR 101 million) 
• Total client assets: EUR 86 billion (EUR 64 billion)
• Total number of clients: 820,000 (690,000)

Kim Fournais, CEO and Founder of Saxo Bank, said, “Navigating financial markets well is important to everyone. Saxo is supporting a growing number of clients, who choose our platforms to fulfil their financial aspirations and make an impact. The year 2021 saw both growth and consolidation for the Saxo Bank Group. In Q1, we saw a record-high inflow of clients and client assets. In subsequent quarters, growth rates stayed positive, albeit at a more moderate level, and we successfully completed the migration of BinckBank’s more than 400,000 direct clients, expanding our footprint in Mid-Europe. Looking ahead to 2022, we will celebrate our thirtieth anniversary on 15 September. We look forward to celebrating our first thirty years with great pride and sharing this joy with clients, and partners and, not least, all our Saxonians,” Fournais added.

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