Saxo Bank Group announces 2020 results
Saxo Markets in Singapore sees record number of new active clients and growth in clients’ asset.
The Saxo Bank Group, the specialist in trading and investing, welcomed a record high number of 238,000 new active clients and saw a continued inflow of clients' assets in 2020. This brings the Group’s total to a record of more than 660,000 active clients. The total client base has grown more than 230% since 2018 with a strong acceleration of organic growth in 2020. Total clients' assets ended at DKK 478 billion in 2020 and today exceeds DKK 500 billion.
The Saxo Bank Group reported a net profit of DKK 750 million for 2020 compared to DKK 40 million for 2019. The net profit for the Group when eliminating one-offs, equivalent to the Group’s normalised net profit, was above DKK 1 billion for 2020.
In Singapore, Saxo Markets, the licensed subsidiary of Saxo Bank, also reported a significant increase in number of new active clients, level of client activity as well as growth in clients’ assets. While bolstered by market volatility spurred by the global pandemic, the positive growth trends were aided by the availability of the SaxoInvestor platform, which makes it easier for seasoned investors to manage their own trades, as well as strategic launches to expand product offerings and offer more choices for clients.
Commenting on the healthy performance of Saxo in Singapore, Adam Reynolds, APAC CEO, Saxo Markets, said, “We have witnessed a seismic shift that has sparked much greater participation in financial markets. The empowerment of retail investors is fundamentally positive – as they take ownership of their investments to better navigate their financial future, and also harness the benefits of long-term compounded growth, that only investments can offer over time. This comes with an important task for investment providers to support their clients - not only by giving access to the financial markets, but also delivering timely and relevant information as well as tools to help clients make informed investment decisions and manage their risk. Globally, we have seen Saxo’s investor business grow by more than 280% in trading related revenue in 2020, continuing to diversify Saxo’s revenue streams. We see the same growth trajectory in Singapore, in particular more women investors, with 380% growth in female clients year-on-year in terms of newly onboarded clients. This is encouraging and we want to do more to help make investing and trading more accessible for more people. Saxo is committed to supporting all of our clients in their journeys to invest their future, through rich research and content, risk management strategies, educational webinars, and a user-friendly platform,” Reynolds added.
Operating income for the Group amounted to DKK 4,316 million in 2020 compared to DKK 2,611 million in 2019, corresponding to an increase of 65%. EBITDA increased to DKK 1,612 million up from DKK 822 million.
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