The Danish funding financial institution specializing in on-line buying and selling
and funding, Saxo, unveiled its report for the primary half of the yr,
highlighting strong monetary efficiency amidst financial uncertainties and
market volatility.
The corporate’s working
revenue skyrocketed to DKK 520 million, which is a exceptional improve of 34% in comparison with
the identical interval final yr. The primary half of 2023 introduced an unsure
macroeconomic atmosphere and low market volatility. Consequently, Saxo Financial institution
witnessed a decline in buying and selling and funding exercise amongst its shoppers.
Nevertheless, this dip was offset by larger curiosity earnings.
Kim Fournais, the CEO
and Founding father of Saxo Financial institution commented: “Whereas this yr was marked by
difficult market situations and continued geopolitical tensions, our
half-year outcomes demonstrated resilience and flexibility within the face of
altering market dynamics. One fixed, nonetheless, has been Saxo Financial institution’s
unwavering dedication to help our shoppers and to repeatedly enhancing our
merchandise, platforms, and companies.”
In June, Saxo Financial institution made
a call to divest
its curiosity of fifty% in
Saxo Geely Tech Holding, generally known as Saxo Fintech . This transfer was geared toward
optimizing the financial institution’s enterprise operations and focusing extra on core markets and
shoppers. Whereas the divestment had a unfavorable influence on working revenue, it
introduced the adjusted web revenue for H1 2023 to DKK 376 million, which is a big
enchancment from DKK 302 million for a similar interval final yr.
Throughout the interval, Saxo
Financial institution achieved a milestone in its progress, reaching 1 million shoppers.
Moreover, the financial institution’s complete shopper belongings surged to DKK 721 billion,
reflecting a optimistic development pushed by the agency’s web money and securities
amounting to DKK 79 billion within the first half of the yr.
Decline in FX Buying and selling
Quantity
Nevertheless, Saxo noticed a decline
in FX buying and selling quantity in July.
The month-to-month quantity slipped to $112.9 billion, which is down from $119.5 billion within the
earlier month, in line with a current report by Finance Magnates. This represents a month-over-month lower of
5.5%. As well as, its demand for FX buying and selling
witnessed a minor dip of two.5% when in comparison with the identical interval final yr.
Saxo Financial institution would not solely
deal with foreign currency trading. The platform gives a variety of buying and selling companies
throughout numerous asset courses. In July, the demand for buying and selling throughout these different asset
courses additional skilled a decline, contributing to an general month-to-month buying and selling
quantity of $371.9 billion, which is down from $391.7 billion within the earlier month.
Headquartered in
Denmark, Saxo Financial institution operates globally with a presence in numerous markets. In a
current regulatory improvement, the Danish Monetary Supervisory Authority (FSA) directed
the corporate to divest its
cryptocurrency holdings, citing that the buying and selling of digital belongings for the
financial institution’s personal accounts fell exterior its “lawful space of exercise.”
The Danish funding financial institution specializing in on-line buying and selling
and funding, Saxo, unveiled its report for the primary half of the yr,
highlighting strong monetary efficiency amidst financial uncertainties and
market volatility.
The corporate’s working
revenue skyrocketed to DKK 520 million, which is a exceptional improve of 34% in comparison with
the identical interval final yr. The primary half of 2023 introduced an unsure
macroeconomic atmosphere and low market volatility. Consequently, Saxo Financial institution
witnessed a decline in buying and selling and funding exercise amongst its shoppers.
Nevertheless, this dip was offset by larger curiosity earnings.
Kim Fournais, the CEO
and Founding father of Saxo Financial institution commented: “Whereas this yr was marked by
difficult market situations and continued geopolitical tensions, our
half-year outcomes demonstrated resilience and flexibility within the face of
altering market dynamics. One fixed, nonetheless, has been Saxo Financial institution’s
unwavering dedication to help our shoppers and to repeatedly enhancing our
merchandise, platforms, and companies.”
In June, Saxo Financial institution made
a call to divest
its curiosity of fifty% in
Saxo Geely Tech Holding, generally known as Saxo Fintech . This transfer was geared toward
optimizing the financial institution’s enterprise operations and focusing extra on core markets and
shoppers. Whereas the divestment had a unfavorable influence on working revenue, it
introduced the adjusted web revenue for H1 2023 to DKK 376 million, which is a big
enchancment from DKK 302 million for a similar interval final yr.
Throughout the interval, Saxo
Financial institution achieved a milestone in its progress, reaching 1 million shoppers.
Moreover, the financial institution’s complete shopper belongings surged to DKK 721 billion,
reflecting a optimistic development pushed by the agency’s web money and securities
amounting to DKK 79 billion within the first half of the yr.
Decline in FX Buying and selling
Quantity
Nevertheless, Saxo noticed a decline
in FX buying and selling quantity in July.
The month-to-month quantity slipped to $112.9 billion, which is down from $119.5 billion within the
earlier month, in line with a current report by Finance Magnates. This represents a month-over-month lower of
5.5%. As well as, its demand for FX buying and selling
witnessed a minor dip of two.5% when in comparison with the identical interval final yr.
Saxo Financial institution would not solely
deal with foreign currency trading. The platform gives a variety of buying and selling companies
throughout numerous asset courses. In July, the demand for buying and selling throughout these different asset
courses additional skilled a decline, contributing to an general month-to-month buying and selling
quantity of $371.9 billion, which is down from $391.7 billion within the earlier month.
Headquartered in
Denmark, Saxo Financial institution operates globally with a presence in numerous markets. In a
current regulatory improvement, the Danish Monetary Supervisory Authority (FSA) directed
the corporate to divest its
cryptocurrency holdings, citing that the buying and selling of digital belongings for the
financial institution’s personal accounts fell exterior its “lawful space of exercise.”
