Saxo Bank announces 2021 results

February 24, 2022 - The Saxo Bank Group has reported a net profit of DKK 755 million for 2021 compared to DKK 750 million for 2020.

Total revenue for the Group amounted to DKK 4,527 million in 2021 compared to DKK 4,324 million in 2020. EBITDA remained at DKK 1,617 million.

During the year, the Saxo Bank Group welcomed a record high number of 263,000 new clients and saw a continued inflow of client assets. This brings the total number of clients to a record of 820,000 who entrusted the Group with DKK 640 billion of their assets by end of 2021.

The Saxo Bank Group continued the high level of investments in platforms, new products, and digitisation to further improve the Saxo Experience and not least completing the successful migration of all direct clients in BinckBank.

The Saxo Bank Group completed the acquisition of BinckBank in August 2019, which added more than 400,000 direct clients across four jurisdictions in the Netherlands, Belgium, France, and Italy.

In 2022, the last segment of BinckBank clients will be migrated: the independent asset managers and their end clients, thereby concluding the full integration of BinckBank into the Saxo Bank Group.

2021 key figures at a glance (2020):

Total revenue: DKK 4,527 million (DKK 4,324 million)
EBITDA: DKK 1,617 million (DKK 1,612 million)
Net profit: DKK 755 million (DKK 750 million)
Total equity: DKK 7.2 billion (DKK 7.4 billion)
Total client assets: DKK 640 billion (DKK 478 billion)
Total number of clients: 820,000 (690,000)

Commenting on the results, Kim Fournais, CEO and founder of Saxo Bank, said, "The financial result for 2021 was satisfactory as we earned DKK 755 million in net profit from a revenue of DKK 4.5 billion. We welcomed a record high number of 263,000 new clients, which brings the total to 820,000 clients who have entrusted us with DKK 640 billion of their assets.

The year 2021 saw both growth and consolidation for the Saxo Bank Group. In Q1, we saw a record-high inflow of clients and client assets. In subsequent quarters, growth rates stayed positive, albeit at a more moderate level, and we successfully completed the migration of BinckBank’s more than 400,000 direct clients, expanding our footprint in Mid-Europe. We want to thank our passionate and hardworking Saxonians who, despite challenges forced upon us by COVID-19, worked tirelessly to make the transition as smooth as possible for our many clients moving to a new and better investment platform, where they had to get used to the new touch and feel that comes with such a change.

Completing the BinckBank migration will be a major milestone and will release more resources to focus on further scaling and growing our business and optimising our processes and technology.

Navigating financial markets well is important to everyone. Saxo is supporting a growing number of clients, who choose our platforms to fulfil their financial aspirations and make an impact. We continuously strive to improve and learn, how to help them make more informed investment decisions via our award-winning platforms, be it through education, risk management strategies, great diversified products and services or a just more user-friendly, personalised experience.

Looking ahead to 2022, we will celebrate our thirtieth anniversary on 15 September. We look forward to celebrating our first thirty years with great pride and sharing this joy with clients, and partners and, not least, all our Saxonians."