Saxo Bank Reports Record-Breaking 287% Profit Surge in 2024 Results - Middle East Business News and Information
In early 2024, Saxo Bank implemented favorable reduced pricing for clients as part of its new global pricing strategy. This reduction is part of the ongoing commitment to improve the value offered to clients and is closely linked to the ability to provide cost-effective solutions alongside the bank's award-winning platforms, products, and services.
By meeting the clients' needs and becoming a price-leader across many markets, Saxo Bank experienced sustained growth and reached a record of almost 1.3 million clients by the end of 2024, with all time high client assets of USD 118 billion.
2024 key figures at a glance (2023): Total income: USD 677 million (USD 650 million)
Net profit: USD 146 million (USD 38 million)
Adjusted net profit: USD 156 million (USD 95 million)
Total equity: USD 868 million (USD 923 million)
Total client assets: USD 118 billion (USD 108 billion)
Total number of clients: 1,286,000 (1,159,000)
Capital ratio: 29% (32%)
Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:
'I am very proud to report that 2024 was the best financial year in Saxo Bank's history. This is clearly a very satisfactory result for us. The progress underscores our steadfast commitment to creating value for all our stakeholders and strengthening our foundation for sustainable growth. With almost 1.3 million clients and client assets reaching an impressive USD 118 billion, these milestones showcase the trust and confidence placed in Saxo Bank. Our comprehensive trading and investment platforms have provided robust tools and resources, enabling our clients and partners to navigate the markets efficiently and build more resilient, diversified portfolios.
The result is naturally also a large testament to the collective efforts of our employees who have driven Saxo Bank's performance and achievements this year.
In 2024, we welcomed several new initiatives to make Saxo Bank attractive for even more people. A few highlights are the introduction of more competitive prices across products and the launch of our automated monthly investing account known as AutoInvest. We also introduced our Investor platforms to more markets, enabling more curious people to get invested in the world.
Moving forward, our strategic focus remains unchanged. We continue to focus on growing our number of clients and client assets, and on enhancing the product and platform offerings to the benefit of our clients while focusing on our core markets.
In our commitment to protecting our clients and upholding the integrity of our business, Saxo Bank has continued to make significant investments and improvements in compliance, anti-money laundering, cyber security, and risk management. This will remain a core priority as well.'
The full report is available here: https://www.home.saxo/about-us/investor-relations
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