During the first half of 2024, Saxo Bank, which operates in several regions, made a number of cuts to costs for clients, which it said helped improve inflows.

Saxo Bank, the Copenhagen-headquartered financial services group, has reported a first-half 2024 adjusted net profit of $76 million, rising by 35 per cent from the same period a year earlier. 

Looking forward, Saxo Bank said it expects the full year’s adjusted net profit to be maintained in line with the previously guided range of $127 to $150 million.

Volatile markets and lower trading activity were offset by more client funding and higher interest rates.

The firm said that during this year, it brought in a new “competitive pricing structure” to cut costs for clients, and improved the client experience, helping to bring in new clients and assets. More than 1.2 million clients were on board at the end of June this year, with a total of $122 billion in assets.

Saxo Bank said total income rose slightly in the half-year period to $347 million, despite the short-term effect of reduced pricing. During the reporting period, global rating agency S&P increased Saxo Bank’s rating to A- from BBB.

The firm said it has started to restructure its distribution model in the Asia-Pacific region, and is considering strategic opportunities for its offices in Hong Kong, Japan, and Australia, while the office in Shanghai is in the process of being closed. These changes have realised restructuring costs of $7 million in the first half of 2024, it said. 

The bank said all figures in the results statement were converted to US dollars against the Danish kronor using an exchange rate of 6.68, as of 27 August 2024. 

Among its offerings is an annual set of "outrageous predictions" given for the start of each calendar year. Here's Saxo's 2024 list.

This news service has interviewed co-founder Lars Seier Christensen, who now runs a family office and is involved in a blockchain venture.