Saxo Bank Group has published its annual financials for 2021, reporting a marginal increase in profits to DKK 755 million, compared to the previous year’s DKK 750 million. Revenue for the period came in 4.6 percent higher at almost DKK 4.23 billion.
In addition, the EBITDA for the 12 months came in flat at DKK 1.62 billion. However, the total equity went down from DKK 7.4 billion to DKK 7.2 billion.
“The financial result for 2021 was satisfactory,” Saxo Bank’s Founder and CEO, Kim Fournais, said in a statement.
Another Rush in Retail Trading
Despite the timid financials, all of the client-centric parameters showed excellent growth last year. The Danish broker onboarded a record number of 263,000 new clients on its trading platform last year, thus closing the year with 820,000 in total clients.
Moreover, the total assets held by Saxo’s growing client base on the platform jumped significantly. It was holding DKK 640 billion in total client assets at the closure of the year, compared to DKK 478 billion in the prior year.
“The year 2021 saw both growth and consolidation for the Saxo Bank Group,” Fournais added. “In Q1, we saw a record-high inflow of clients and client assets. In subsequent quarters, growth rates stayed positive, albeit at a more moderate level.”
Additionally, Saxo benefited from its acquisition of BinckBank in August 2019, adding more than 400,000 direct clients from the Netherlands, Belgium, France and Italy. These clients are being migrated to Saxo in a phased manner and will be completed in 2022.
“Completing the BinckBank migration will be a major milestone and will release more resources to focus on further scaling and growing our business and optimizing our processes and technology,” said the CEO.
