Saxo Bank, a prominent multi-asset trading and investment firm with operations in the UAE and globally, has reported a significant 35% increase in net profit, reaching $76 million in the first half of 2024. This rise comes even as the bank’s total income saw only a slight increase, climbing to $347 million from $336 million in the same period last year.
The firm attributed part of its net profit to a one-time recognition of $7 million in restructuring costs, specifically in some of its Asia-Pacific offices. Despite the challenges, Saxo Bank witnessed a considerable boost in client assets, which surged to $122 billion in the first six months of 2024, compared to $108 billion during the same timeframe in 2023.
In its statement, Saxo Bank noted that the first half of 2024 was marked by low volatility across financial markets, leading to reduced trading and investment activity.
However, the bank benefited from higher interest rates and a positive inflow of client funds, which contributed positively to its financial performance.
The firm also highlighted the rollout of a new, competitive pricing structure designed to lower costs for clients, alongside enhancements to the overall client experience. In response to strategic opportunities, Saxo Bank initiated a restructuring of its distribution model in the Asia-Pacific region, focusing on increasing operational efficiency, strengthening compliance, and reducing risk. This restructuring will affect its offices in Hong Kong, Japan, and Australia, with the Shanghai office currently in the process of closure.
Despite modest income growth, Saxo Bank achieved a notable 35% increase in net profit during the first half of 2024, reaching $76 million. The firm attributes this growth to strategic restructuring in Asia-Pacific, positive client funding inflows, and the introduction of a competitive pricing structure. Client assets also saw a significant rise, totaling $122 billion, up from $108 billion last year.
