Saxo nets bumper profit after surge in customers
Saxo posted an adjusted net profit of DKK515m (£59.5m) for the first half of 2025, up from DKK508m.
The company notched a new record of 1.4 million end clients as of June 30.
Client assets reached DKK877bn, after a surge in new and existing client funding.
The adjusted total income for the first half of 2025 was DKK2.4m – a 5.2 per cent increase from DKK 2.3m in the first half of 2024.
The bank expected full year net profit to fall between DKK950m and DKK1bn.
Saxo Bank’s UK arm was stung by aggressive competition in the country’s online trading market as revenue took a sharp drop in 2024.
Revenue in its UK business took a 13 per cent hit, dropping to £24m for the period despite a 79 per cent increase in new trading clients.
The firm, whose services include stocks, bonds and exchange-traded funds, acknowledged it had resulted in a “short-term impact on revenue”.
In the UK, Saxo faces competition from IG Group, Hargreaves Lansdown and AJ Bell who have all upped their offerings amid a competitive market.
Kim Fournais, Saxo Bank’s chief executive, told City PM: “We’re countering [competition] everyday”.
“I think that the market is definitely moving,” he added. “We are waking up every day trying to compete in that market, because in the end it is about the clients and how we can better service them.”
In March, J. Safra Sarasin Group took a 70 per cent slice of the bank taking speculation of an IPO off the table.
The company previously attempted to go public in 2022 through a merger with a Special Purpose Acquisition Company (SPAC) in Amsterdam, but the deal fell through.
Fournais said the private model would be a “good platform for further growth”.
The banking chief retains a 28 per cent stake in Saxo following Safra’s acquisition.