Adjusted Net Profit Drops At Saxo Bank

Editorial Staff

4 March 2024

, the Denmark-headquartered group that operates in a number of regions, on Friday reported an adjusted net profit of DKK653 million ($94.9 million) for 2023, falling from DKK 711 million in 2022. Net profit fell to DKK260 million from DKK711 million.

Rising inflation and low volatility in financial markets hit trading and investing activity compared with levels a year earlier, it said in a statement.

The higher interest rates had a positive impact on financial performance for 2023, Saxo said.

“Taking into account the difficult trading conditions, the result is considered acceptable and within guidance,” the firm said.

Last year, the profit was adjusted for a write down of software of DKK299 million, net of tax, and a negative impact of DKK94 million from the divestment of the joint venture Saxo Geely Tech Holding A/S (Saxo Fintech).

The write-down of software happened after migration of BinckBank was completed – highlighting the importance of one global technology stack – while the divestment of Saxo Geely Tech Holding A/S makes the most of both business operations and demonstrates a focus on core markets and clients, Saxo said.

Client numbers reached more than 1.16 million, holding over DKK745 billion in client assets.

Among its offerings are an annual set of "outrageous predictions" given for the start of each calendar year. Here's Saxo's 2024 list.

This news service has interviewed co-founder Lars Seier Christensen, who now runs a family office and is involved in a blockchain venture.