1 year ago
88 Saxo Bank’s clients traded worth $6.8 billion daily in May, the highest figure since March 2021 and was up 19 percent month-over-month compared to $5.7 billion in April 2022. Saxo’s FX ADV for last month was also higher year-over-year, correlating to a rise of 36 percent relative to $5 billion in May 2021.
Saxo Bank’s total monthly FX volume also reportedly soared to $149.6 billion in May. This figure was up 18 percent from April’s totals, and also corresponds to a yearly rise of 43 percent when compared to $104 billion a year earlier.
Furthermore, the increased volatility had given Saxo extraordinary volumes in the commodities segment. The total monthly volume hit $41.2 billion, up 7 percent month-over-month from $38.6 billion in April. The figure was however by nearly -5 percent from its 2021 equivalent.
Overall, Saxo Bank’s average daily volume across all asset classes was higher during May 2022, reported at $19.2 billion per day, up 23 percent month-over-month relative to $15.6 billion the month prior. Moreover, the figure was higher by 35 percent from $14.2 billion a year ago.
Saxo Bank reports growth in revenue
Saxo Bank reported surging revenues for 2021 as Covid-19 remains a key trigger for customers’ trading activity, but its earnings were almost the same compared to a year earlier. Copenhagen-based broker marked mild growth in revenues, which came in at DKK 4.5 billion ($685 million), up 4 percent from DKK 4.3 billion for the same period last year.
As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 755 million ($114 million), slightly higher from DKK 750 million in the Jan-Dec period of 2020.
Furthermore, Saxo Bank won more clients with total active accounts crossing 820,000 for the first time in the company’s 30-year history. Having onboarded more than 263,000 new accounts last year, total clients’ assets under custody grew to DKK 640 billion as of December 2021.
On the operations front, Saxo Bank completed integration with BinckBank, which it acquired in 2019, but the last segment of the Dutch lender’s clients is yet to be migrated later this year. The transaction added more than 400,000 direct clients across four jurisdictions in the Netherlands, Belgium, France, and Italy.
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