<p>Saxo Bank Group, a Danish investment bank
specializing in <a href=”https://www.financemagnates.com/terms/o/online-trading/” class=”terms__main-term” id=”93afd583-ea4d-45cf-a1e0-8d951e5d8f48″ target=”_blank”>online trading</a> and investment, published its annual report for
2022 on Friday, reporting a 6% decline in its net profit. The figure came in
at DKK 711 million compared to DKK 755 million in 2021.</p><p>The online trading platform provider’s
trading-related and interest earnings during the period also decreased by 2% year-over-year (YoY) to approximately DKK 4.4 billion. In addition, Saxo Bank’s client
assets went down by 9% to DKK 584 billion “affected by the negative trends in
the global equity markets during 2022.”</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>64 million – that’s how many trades that were executed on our platforms in 2022. 🚀 Read our 2022 results here: <a href=”https://t.co/BHB8S99V93″>https://t.co/BHB8S99V93</a><a href=”https://twitter.com/hashtag/BeInvestedWithSaxo?src=hash&ref_src=twsrc%5Etfw”>#BeInvestedWithSaxo</a> <a href=”https://t.co/iAZLfpMrHi”>pic.twitter.com/iAZLfpMrHi</a></p>— Saxo (@saxobank) <a href=”https://twitter.com/saxobank/status/1629088778047393792?ref_src=twsrc%5Etfw”>February 24, 2023</a></blockquote><p>“The net profit for 2022 was impacted by
lower trading activity following the macroeconomic situation, which created
uncertainty for clients who traded less, resulting in a decrease in net
profit,” <a href=”https://www.financemagnates.com/tag/saxo-bank/” target=”_blank” rel=”follow”>Saxo Bank</a>
explained.</p><p>However, the company noted it generated a
higher interest income as a result of rising interest rates, adding that this
contributed to partly offsetting the decrease from lower trading. In total, 64
million trades were executed on Saxo Bank’s platforms in 2022.</p><p>Retail Trading Loses 2021 Momentum</p><p>Details in the report also show that the
total number of new trading clients onboarded by Saxo Bank dropped by 40% to
157,000 in 2022. In the prior year, the Danish broker admitted 263,000 new
clients. Regardless, the broker boasted of a record high 876,000 clients at the end of
last year.</p><p>“The growth in total clients was driven by
the Saxo Institutional business, whereas total Investor clients remained stable
and total Trader clients experienced a decline,” Saxo Bank noted.</p><p>Saxo Bank Speaks on BinckBank’s Acquisition</p><p>Meanwhile, Saxo Bank noted that it has
migrated more than 400,000 clients from Dutch lending platform BinckBank, which <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-completes-takeover-deal-of-dutch-lender-binckbank/” target=”_blank” rel=”follow”>it acquired in August 2019</a>, to
its platform. It described achieving the feat in three years as “a true
success.”</p><p>“We are now seeing increased client
satisfaction in the Netherlands, Belgium and France as they get to know our
platforms, products, services and prices better. That is win-win,” Kim Fournais, Saxo Bank’s CEO, explained.</p><p>What’s Saxo Bank’s Goal for 2023?</p><p>Meanwhile, Finance Magnates reported that
Saxo Bank’s overall trading volume <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-posts-5-dip-in-january-fx-trading-volume/” target=”_blank” rel=”follow”>dipped by 9.6%</a>
month-over-month in January 2023, reaching $375.6 billion. The Danish online
broker’s forex volume also declined by 5% to $115.2 billion. However, in <a href=”https://www.home.saxo/-/media/documents/annual-reports/saxo-bank-annual-report-2022.pdf?revision=e965c996-6075-45ad-aa8b-2554636c64b2″ target=”_blank” rel=”follow”>the annual report</a>, the company noted that it is “in a strong position” to deliver
value to its clients and stakeholders.</p><p>“A successful 2023 will mean that we see
growth across our Direct and Institutional business from offering our
<a href=”https://www.financemagnates.com/terms/m/multi-asset/” class=”terms__secondary-term” id=”ffc57e87-e0f9-4ad1-849f-68bc7998a5c0″ target=”_blank”>multi-asset</a> platforms with timely, relevant and actionable content, and
dedicated trading, investment and asset management products and services at
competitive prices,” Fournais added.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
