Saxo Bank reports higher FX volume for February 2023
In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded slightly in February.
Saxo Bank’s clients traded worth $6.7 billion daily in February, the highest figure since December and was up 6 percent month-over-month compared to $5.2 billion in January. Saxo’s FX ADV for last month was slightly lower year-over-year relative to $5.6 billion in February 2022.
In terms of its commodities business, Saxo Bank performance was neutral in this segment after yielding a figure of $1.6 billion in February 2022, higher slightly from the $1.5 billion reported in January.
In terms of its commodities business, Saxo Bank performance was neutral in this segment after yielding a figure of $1.5 billion in January 2022, higher slightly from the $1.4 billion reported in January.
Overall, Saxo Bank’s average daily volume across all asset classes was higher during February 2023, reported at $18 billion per day, up 5.3 percent month-over-month relative to $17.1 billion the month prior. However, the figure was lower by 14 percent from $21 billion a year ago.
Saxo Bank reports lower revenue
The Copenhagen-based broker reported last week lower revenues and net income for the fiscal year 2022 as customer trading activity dropped as compared with the previous year.
Saxo Bank marked a fall in its annual revenues, which came in at DKK 4.45 billion ($635 million), down 1.6 percent from DKK 4.52 billion for the same period last year.
As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 711 million ($101.3 million), down 6 percent from DKK 755 million in 2021.
The net profit for 2022 was impacted by lower trading activity following the macroeconomic situation, which created uncertainty for clients who traded less, Saxo said. However, higher interest rates contributed positively to net interest income, partly offsetting the decrease from lower trading activity.
Meanwhile, Saxo Bank won more clients with total active accounts crossing 876,000 for the first time in the company’s 30-year history, mainly driven by its institutional business. Despite onboarding more than 56,000 from 2021, rounding off 2022 with a record high, total clients’ assets under custody decreased to DKK 584 billion compared to DKK 595 billion last year.