Saxo Bank, the
provider of online trading platforms, wealth management, and investing
solutions, has reached a record-breaking milestone with more than one million
clients on its platform. The news comes as the institution also reveals that
its client assets globally have reached a new all-time high.
Saxo Bank’s Milestone
Reflects Global Trends
The
achievement of supporting over a million clients mirrors the increasing global
trend of individuals seeking greater control over their investments. More
people are turning to digital platforms, a trend reflected by Saxo Bank’s
continued growth. The recent announcement of the client’s assets exceeding $100
billion further emphasizes this trend. Saxo needed 25 years to amass $20
billion and just another five to quintuple this value.
These
milestones underline Saxo Bank’s robust growth, as it has consistently amassed
more clients and assets over the past few years. Amid a challenging
macroeconomic environment, the financial institution has fortified its leading
technology services provider position.
“I
would like to extend a big thank you to all our passionate and committed
employees who work tirelessly behind our award-winning platforms,” Kim
Fournais, the Founder and CEO at Saxo Bank, commented. “Likewise, we are
humbled by the immense trust that our 1 million clients and partners around the
world have placed in us – thank you to all of you.”
Fournais
expressed his satisfaction with the positive trend of increased participation
in financial markets via digital platforms like Saxo. Despite geopolitical
uncertainties and high inflation levels, he noted the growing number of people
putting their wealth to work.
“I
founded Saxo Bank back in 1992 with the aim to make global capital markets
accessible for more people. Now, as more people globally seek ways to make
their money work harder for them, we are ready to support them,” Fournais
added.
Saxo Bank Expands Its
Market Influence
Saxo Bank’s
recent achievements have resulted in a BBB rating with a positive outlook from
S&P Global Ratings. The institution’s influence is set to grow as it awaits
its appointment as a Systemically Important Financial Institution (SIFI) by the
Danish Financial Supervisory Authority (FSA).
In
addition, Saxo Bank saw a 27% jump in May’s volumes, with monthly turnover
reaching $130.5 billion and a daily average hitting $5.7 billion. Although the forex
volume has followed months of steady declines, trading activities across Saxo
Bank’s other asset classes shot up in May. The trading activity saw a
remarkable increase across various segments. Commodities experienced a 19%
surge, reaching a volume of $40.7 billion. Meanwhile, equities soared by 31% to
a substantial $228.2 billion, and fixed income witnessed a 12% rise, settling
at $7.6 billion.
Earlier
this year, the brokerage published its 2022 annual report. The report
highlighted a 6% reduction in net profit, reaching DKK 711 million, down from
DKK 755 million in the previous year. Additionally, Saxo Bank’s client assets
underwent a 9% decrease, settling at DKK 584 billion. This downturn can be
attributed to negative trends in the global equity markets throughout 2022.
This article was written by Damian Chmiel at www.financemagnates.com.
