The Danish online trading and investment company Saxo Bank Group has announced record-breaking 2024 numbers, with net profit soaring 287% to €135 million from €35 million in the previous year. The company's adjusted net profit reached €144 million, marking the most successful year in its history.

Saxo Bank Profit Rises 287% as Client Base Nears 1.3 Million

The performance comes on the heels of Saxo Bank's implementation of a new global pricing strategy early in 2024, which saw the introduction of more competitive rates for clients. This move appears to have paid off handsomely.

By the end of 2024, Saxo Bank's client base had grown to almost 1.3 million, up from 1.16 million at the end of 2023. Total client assets under management also hit an all-time high of €114 billion, representing a 14% increase from the previous year's €100 billion.

"The progress underscores our steadfast commitment to creating value for all our stakeholders and strengthening our foundation for sustainable growth," Kim Fournais, the CEO and Founder of Saxo Bank, said. “With almost 1.3 million clients and client assets reaching an impressive EUR 114 billion, these milestones showcase the trust and confidence placed in Saxo Bank.”

New Initiatives

Despite the impressive growth in profitability, total income saw a more modest increase, rising to €626 million from €601 million in 2023. The company maintained a strong capital ratio of 29%, though this was slightly down from 32% in the previous year.

Saxo Bank's focus remains centered on expanding its client base and assets under management, while also enhancing its product and platform offerings.

The company introduced several new initiatives in 2024, including the launch of an automated monthly investing account called AutoInvest and the expansion of its Investor platforms to additional markets.

“A few highlights are the introduction of more competitive prices across products and the launch of our automated monthly investing account known as AutoInvest. We also introduced our Investor platforms to more markets, enabling more curious people to get invested in the world,” the CEO commented.

Fournais emphasized the company's ongoing commitment to compliance, anti-money laundering measures, cybersecurity, and risk management, stating these areas will "remain a core priority" for Saxo Bank moving forward.