Saxo Bank Reports DKK 750 Million Net Profit in 2020

Saxo Bank Group reported strong financial results for 2020 as net profit jumped significantly to DKK 750 million, compared to just DKK 40 million in 2019. The total clients’ assets surpassed DKK 500 billion.

According to the official press release, the company welcomed 238,000 new active clients last year as the total number of active clients jumped above 660,000. Saxo Bank’s client base has increased by more than 230% since 2018.

The Denmark-based financial services provider reported an operating income of DKK 4,316 million in 2020, compared to DKK 2,611 million in 2019. EBITDA reached DKK 1,612 million in 2020, compared to DKK 882 million in 2019.

Commenting on the recent financial results, Kim Fournais, CEO and Founder of Saxo Bank, said: “As we look back on 2020, we are both humbled and proud that we were able to reach new heights for Saxo Bank, welcoming a record number of more than 238,000 new trading clients. We now see the results of our strategic decisions to further broaden our relevance to more people especially within the investor segment, and we remain fully dedicated to enabling our growing client base to fulfill their financial aspirations and make an impact.”

Board of Directors

In addition to the recent financial numbers, Saxo Bank mentioned that its shareholders have proposed a change to the composition of the company’s Board of Directors. Kari Stadigh, the former Group CEO and President of Sampo plc will be appointed as Chairman of the Board of Saxo Bank in place of Daniel Donghui Li. The company added that Li will continue as a member of the Board.

”Saxo Bank has a unique business model and very strong shareholders, and with their full support, I am looking forward to becoming part of this growth journey. Saxo Bank’s powerful trading and investment platforms are the best in the market and have great potential globally especially as more people across the world look for intuitive platforms to manage their investments,” Kari Stadigh said.