The Danish company Saxo Bank has released its financial results for the first half of the year.
Between January and June, the company posted an operating profit of DKK 520 million, up significantly from DKK 388 million in the first half of last year.
Saxo Bank said that the uncertain macroeconomic environment and low market volatility contributed to lower trading and investment activity among its clients during the period, but this was offset by higher interest income.
According to FNG's coverage, the company announced in June the sale of a 50% stake in Saxo Geely Tech Holding in order to streamline operations and focus on core markets and clients.
For the first half of the year, Saxo Bank's adjusted net profit was DKK 376 million, compared to DKK 302 million for the same period last year.
The report showed that the company's annualized net profit reached DKK 282 million, compared to DKK 302 million in the same period last year.
Saxo Bank expects net profit for 2023, adjusted for the sale of Saxo Geely Tech Holding, to remain within the target range of DKK 650-800 million.
In addition, Saxo Bank recently announced that it has surpassed 1 million clients. This milestone comes after Saxo Bank's global client assets reached an all-time high of $100 billion in May.
At the same time, Saxo Bank received Systemically Important Financial Institution (SIFI) status from the Danish Financial Supervisory Authority (FSA), as well as a BBB credit rating with a positive outlook from Standard & Poor's.
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