Saxo Bank's UK branch has reported impressive growth in 2023, increasing its assets under management (AUM) to £2 billion and achieving a higher net profit of £11.2 million compared to the previous year.

Saxo Capital Markets UK Ltd Boosts Revenue and Profits in 2023

Despite identifying several challenges in its latest report filed with Companies House, including "ongoing geopolitical volatility , the cost of living squeeze in the UK, and continued challenges in the UK equity markets," the final results paint a largely positive picture.

The firm's AUM grew by 15% to £2 billion, up from £1.6 billion reported the previous year. The total number of clients increased by 4,000 to 127,000, while profit before tax rose by 13% to nearly £15 million.

Delving into the report's details, we see that the company's trading revenue remained relatively stable at £27.9 million, compared to £27.6 million the year before. The absence of additional costs incurred in 2022 resulted in a final profit for the year after tax of £11.2 million, a 7% increase from the £10.5 million reported in the previous year.

"We are driving client retention, activating our new and existing clients with timely, relevant, and engaging content, and improving our service levels to meet our high expectations," Saxo UK commented in its latest report.

As for the entire Saxo Group, in 2023 it reported a net profit of DKK 260 million, a decline from the previous year’s DKK 711 million. The latest adjusted net profit stood at DKK 653 million, reflecting an 8.1%.

Earlier this year, the company experienced a significant leadership change as CEO Charles White-Thomson announced his resignation. White-Thomson, who played a vital role in guiding the financial technology giant, also stepped down from the Board of Directors of Saxo Capital Markets UK Ltd.