Saxo Bank profits shrink despite attracting record levels of new clients

Danish investment bank Saxo Bank posted a weak set of results for the first six months of this year despite attracting record levels of new clients.

Profits at the investment bank dipped to £59m in the year to June 2021, down from £60.9m in the same period last year.

The bank’s client base climbed by 159,000 to reach 790,000 over the period, while total assets swelled to £68.6bn.

Staff and administrative costs increased in the first six months of the year, weighing on the bank’s profits. Operating income hit £276.7m.

Kim Fournais, CEO and founder of Saxo Bank, said: “As we look ahead, it is clear that we live in a world that is still seeing many uncertain and unprecedented experiments both financially, technologically, socially and health-wise.”

“As many countries now slowly transition to a more normal state of affairs, we continue to see an increased interest in investing from both experienced investors and the many individuals investing their savings for the first time.”

“This marks an acceleration of a global trend in motion before the pandemic, of more people taking greater ownership and control of their savings and investments.”