Saxo Bank Group has released its annual financial records for 2022. The online trading and investment specialist registered 5.8% drop in profits to DKK 711 million, compared to the previous year when it recorded DKK 755 million.
Saxo stated:
Several significant macro factors impacted our 2022 results. On the positive side, rising interest rates contributed to a higher interest income, while declining equity markets meant Investors acted more cautiously, dampening our revenue growth.
The total revenue for the last twelve months stood at DKK 4.46 billion, down by 1.6% compared to 2021.
Clients
The numbers of clients, however, surpassed the previous years’s record of 820,000 by 6.83%, reaching 876,000 last year.
In 2022, client assets stood at DKK 584 billion, falling 8.8%, compared to the DKK 640 billion in 2021. Saxo pointed out that last year was negatively affected by the declining equity markets.
Kim Fournais, CEO and founder of Saxo Bank, commented:
2022 was a year where we witnessed geopolitical and market events that were both devastating and remarkable.
Our strategic focus remains unchanged with a continued emphasis on growing our client and client asset base, and on enhancing the product and platform offering to the benefit of our clients. The market conditions for 2023 remain highly uncertain with regards to market volatility, inflation, and interest rates.
Fournais went on to say that as a result of market volatility, in 2023 the Saxo expects Net profit to reach DKK 650-800 million.
