Saxo Bank Group has released its financial results for the first half of 2024. The bank reported an adjusted net profit of EUR 68 million, a 35% increase compared to EUR 50 million in the same period last year.

In 2024, Saxo Bank introduced a new pricing structure aimed at reducing client costs. The bank also focused on improving the overall client experience. These changes contributed to a record number of clients and client assets. By the end of June 2024, Saxo Bank had over 1.2 million clients and EUR 109 billion in client assets.

Higher Rates Support Growth

Despite low volatility in financial markets, which reduced trading and investing activity, higher interest rates and a positive inflow of client funding supported the bank's financial performance. Total income increased slightly to EUR 311 million in the first half of 2024, compared to EUR 300 million in the same period last year.

This income was split evenly across business areas, with trader clients, investor clients, and institutional clients each contributing around one-third.

Restructuring Asia-Pacific Operations

The Saxo Bank Group also initiated a restructuring of its distribution model in the Asia-Pacific region. This restructuring, aimed at operational efficiency and reducing risk, included a strategic review of offices in Hong Kong, Japan, and Australia.

The bank is in the process of closing its office in Shanghai. Restructuring costs of EUR 6 million were recognized in the first half of 2024.

“More than 1.2 million clients now trust Saxo with more than EUR 109.38 billion in assets. This is a result of our relentless focus on enhancing our investment platforms, products, and services, and offering very competitive pricing that empowers our growing client base to make more of their money,” commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said.