Saxo announces H1 2021 results; Saxo Markets Singapore crosses SGD10 billion in clients’ assets

SINGAPORE, 3 September 2021 – The Saxo Bank Group, the online trading and investment specialist that connects people to investment opportunities in global capital markets, reported a net profit of DKK 512 million for the first six months of 2021, compared to DKK 529 million for the same period last year.

The Saxo Bank Group saw record levels of new active clients and continued inflows of clients’ assets in the first half of 2021. During the first six months of the year, more than 159,000 new active clients opened an account with Saxo. The Group reached a record of more than 790,000 clients and total clients' assets reached DKK 595 billion as of 30 June 2021.

In Singapore, Saxo Markets, the licensed subsidiary of Saxo Bank, likewise reported a significant increase in the number of new active clients, level of client activity as well as growth in clients’ assets. Key highlights include:

• Saxo Markets Singapore reached the milestone of SGD 10 billion in clients’ assets. This is driven by strong momentum in the market and more compelling products that met the needs of clients, as Saxo Markets welcomed 24 percent more clients compared to the same period last year.
• Monthly trading clients in H1 2021 vs 2020 was up 97 percent, a significant increase in number of active clients.
• Among those who joined Saxo, 75 percent were under 40 years old, reflecting the global trend of younger investors entering the market. Out of these new clients, over 30 percent were women, which is in line as well with the positive trend that Saxo saw last year – globally the increase in new women investors was up by 354 percent compared to 288 percent for men, and in Singapore, the uptick in new female clients was a significant 410 percent.

Commenting on Singapore’s strong performance, Adam Reynolds, APAC CEO, Saxo Markets, said, “We are both proud and humbled that an increasing number of people continue to put their trust in us. In Singapore, the momentum has been strong and we are excited to continue enabling more people to make more informed investment decisions. We have seen encouraging shifts in the market, such as younger traders and investors, and more than 30 percent of our new clients being female, which is more than the industry average.”

“In H1, we have introduced innovative products such as Crypto FX for people to trade cryptocurrencies in a safe and secure way, while also growing our mutual funds offerings through partnerships as well as expanding the pool of our digital wealth products. Crossing the mark of SGD 10 billion in clients’ assets is testament to the great trust that our clients have in Saxo, as more satisfied clients choose to trade, invest and grow their wealth with us,” Reynolds added.

“As many countries now slowly transition to a more normal state of affairs, we continue to see an increased interest in investing from both experienced investors and the many individuals investing their savings for the first time. This marks an acceleration of a global trend in motion before the pandemic, of more people taking greater ownership and control of their savings and investments. This greater participation and empowerment of retail investors will continue to be a dominant market force for the foreseeable future. At Saxo, we believe that will be a force for good not only for society and the economy, but for the many people who are now better equipped to fulfill their financial aspirations while making an impact by investing based on their beliefs and values,” Reynolds said.

H1 2021 key financial figures at a glance (H1 2020)

• Operating income: DKK 2.4 billion (DKK 2.3 billion H1 2020) 
• EBITDA: DKK 963 million (DKK 967 million H1 2020)
• Profit before tax: DKK 693 million (DKK 704 million H1 2020)
• Net profit: DKK 512 million (DKK 529 million H1 2020)
• Total clients' assets: DKK 595 billion (DKK 395 billion as of 30 June 2020)
• Total equity: DKK 7,156 million (DKK 7,185 million as of 30 June 2020) 

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: “The financial results for the first half of the year are solid with a total operating income of DKK 2.4 billion and a net profit of DKK 512 million. As we look ahead, it is clear that we live in a world that is still seeing many uncertain and unprecedented experiments both financially, technologically, socially and health-wise. We are confident Saxo is heading in the right strategic direction. We are building a prudent financial institution that is part of the solutions needed in the future and we remain committed to constantly improving the SaxoExperience, providing our clients with timely, relevant, and engaging content when using our platforms.”

You can read the full H1 report here: Investor relations