The Danish bank and multi-asset online brokerage today announced its first half 2020 financial results which highlighted significant growth following the surges in trader and market activity surrounding Covid-19 related disruptions around the world. Saxo Bank indicated that it booked a net profit of DKK 529 million for the first half of 2020 compared to a net loss of DKK 139 million as of June 2019.
H1 2020 key financial figures at a glance (H1 2019)
- Operating income: DKK 2.3 billion (DKK 1.1 billion H1 2019)
- EBITDA: DKK 967 million (DKK 57 million H1 2019)
- Profit before tax: DKK 704 million (DKK -164 million H1 2019)
- Net profit: DKK 529 million (DKK -139 million H1 2019)
- Total clients’ assets: DKK 395 billion (DKK 131 billion as of 30 June 2019)
- Total equity: DKK 7,185 million (DKK 5,387 million at the end of 2019)
Among the most notable figures, Saxo was able to double its operating income in the first half of this year to DKK 2.3 billion, as compared to DKK 1.1 billion in 2019. The broker also indicated that a record number of new customers joined the company during this period – some 80,000, indicating that Saxo’s customer support, education and tools may be very attractive to new traders and investors, seeking to take advantage of recent market volatility.
Further to this point is the fact that Saxo reported significant increases in customer engagement, specifically 260% in webinar attendance, 250% in visits to market analysis and trading ideas portals of the broker. Likewise, as with other European brokerages in 2020, Saxo witnessed a surge of 75% unique daily users of its trading platform during the first half of 2020.
Full details of Saxo Bank’s performance will be published shortly at the broker’s Investor Relations Hub.
Don’t miss the latest news and discussion on our Telegram channel. Subscribe today!