Saxo Bank Group has released its financial results for the
first half of 2024. The bank reported an adjusted net profit of EUR 68 million,
a 35% increase compared to EUR 50 million in the same period last year.
In 2024, Saxo Bank introduced a new pricing structure aimed
at reducing client costs. The bank also focused on improving the overall client
experience. These changes contributed to a record number of clients and client
assets. By the end of June 2024, Saxo Bank had over 1.2 million clients and EUR
109 billion in client assets.
Higher Rates Support Growth
Despite low volatility in financial markets, which reduced
trading and investing activity, higher interest rates and a positive inflow of
client funding supported the bank’s financial performance. Total income
increased slightly to EUR 311 million in the first half of 2024, compared to
EUR 300 million in the same period last year.
This income was split evenly
across business areas, with trader clients, investor clients, and institutional
clients each contributing around one-third.
Restructuring Asia-Pacific Operations
The Saxo Bank Group also initiated a restructuring of its
distribution model in the Asia-Pacific region. This restructuring, aimed at
enhancing operational efficiency and reducing risk, included a strategic review
of offices in Hong Kong, Japan, and Australia.
The bank is in the process of
closing its office in Shanghai. Restructuring costs of EUR 6 million were
recognized in the first half of 2024.
“The positive momentum we’ve experienced in the first half
of the year is a strong indicator that our strategy is resonating with our
clients,” commenting on the results, Kim Fournais, CEO and Founder of Saxo
Bank, said.
“More than 1.2 million clients now trust Saxo with more than
EUR 109.38 billion in assets. This is a result of our relentless focus on
enhancing our investment platforms, products, and services, and offering very
competitive pricing that empowers our growing client base to make more of their
money.”
This article was written by Tareq Sikder at www.financemagnates.com.
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