Saxo Bank Group announces H1 2020 results; Saxo Markets in Singapore sees record number of new clients

• On a Group level, operating income more than doubled
• Record number of new clients and client assets for Saxo Markets in Singapore, as the Group continues to broaden its relevance to new client segments
• Saxo continues to accelerate efforts to support and educate clients to make informed decisions in continued volatile financial markets

SINGAPORE, 21 August 2020 – The Saxo Bank Group, the specialist in trading and investing, reported a net profit of DKK 529 million for the first half of 2020 compared to a net loss of DKK 139 million as of June 2019. Operating income for the Group amounted to DKK 2.3 billion as of June 2020 compared to DKK 1.1 billion as of June 2019, an increase of 107 percent. The result is very satisfactory.

The Saxo Bank Group welcomed record high levels of new clients and a continued inflow of clients' assets in the first half of 2020. The direct client base grew with more than 80,000 new active clients, bringing the Group to a record high total of more than 620,000 clients. Total clients' assets ended at DKK 395 billion as of 30 June 2020 up from DKK 131 billion as of 30 June 2019.

The result of the first half of 2020 includes a number of records for the Saxo Bank Group, including all time high client assets, record number of trades, record number of new clients as well as a record high growth in the equity trading business.

In Singapore, Saxo Markets, the licensed subsidiary of Saxo Bank, has likewise seen a strong uptick in level of client activities as well as record number of new clients. This has largely been driven by the availability of the SaxoInvestor platform, which makes it easier for seasoned investors to manage their own trades; the launch of a Regular Savings Plan, which offers investors managed portfolios curated by BlackRock over the long term, a prudent option for all seasons; as well as the market volatility spurred by the global pandemic.

Commenting on the results, Adam Reynolds, Asia Pacific CEO, Saxo Markets, said, “The first six months of 2020 have been extraordinary in many ways. COVID-19 has impacted the global community and all the markets we operate in, including Singapore, which is our Asia Pacific headquarters. The human and economic consequences have been immense. Like many other organisations, we have had to quickly adapt to new ways of working, essentially going from having 17 offices to more than 2000 “offices”, as Saxonians worked from home – while at the same time welcoming a record high number of new clients and keeping the bank fully operational. I am particularly proud of how the Saxo team in Singapore has been very resilient during this challenging time to deliver strong results for the office while taking care of themselves and their families.”

“To continue to engage the clients, we have accelerated our work to support them through personalised news and alerts, online education, webinars and risk management tools, and we have seen significant uptake in clients’ engagement with this content. I am proud that we continue to deliver on our vision to empower clients to make more informed investment decision,” Reynolds added.

H1 2020 Saxo Bank Group key financial figures at a glance (H1 2019)

• Operating income: DKK 2.3 billion (DKK 1.1 billion H1 2019)
• EBITDA: DKK 967 million (DKK 57 million H1 2019)
• Profit before tax: DKK 704 million (DKK -164 million H1 2019)
• Net profit: DKK 529 million (DKK -139 million H1 2019)
• Total clients' assets: DKK 395 billion (DKK 131 billion as of 30 June 2019)
• Total equity: DKK 7,185 million (DKK 5,387 million at the end of 2019)

Kim Fournais, CEO and founder, Saxo Bank, said, “The financial result of the first six months of 2020 is very satisfactory. The result is positively affected by external factors such as the increase in volatility in global capital markets. The result is also driven by the continued execution of our strategy, including the high investments into digitisation, scalable infrastructure, processes, and an improved Saxo Experience, leading to a significant growth in the number of new clients and client assets. With the financial result for the first half of the year and an even stronger capital position, we are well-positioned to continue our ambitious investments to create an even better Saxo Experience for our current and future clients.

The global trend of more people starting to take ownership of their investments in the financial markets has accelerated over the past 6 months. This comes with an important task for investment providers to support their clients - not only by giving access to the financial markets, but also delivering timely and relevant information as well as tools to help clients make informed investment decisions and manage their risk.”

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