Saxo Bank reports weak FX volumes for April 2022

abdelaziz Fathi

Saxo Bank has reported its monthly metrics for April 2022, which ultimately failed to overtake last month’s strong volumes, showing a renewed decline month-over-month across all business segments.

The Danish multi-asset brokerage saw its FX average daily volumes drop to $5.7 billion, down -16 percent month-over-month from $6.6 billion in the month prior. Across a yearly timeframe, this figure managed to best its 2021 equivalent, scoring a slight increase year-over-year from $5.6 billion in April 2021.

In terms of Saxo Bank’s total monthly FX volume for April 2022, it was reported at $126 billion, which is down -12 percent from $152.0 billion a month ago. Further, this figure corresponds to a yearly rise of 2 percent compared to $124 billion in 2021.

In terms of its equities business, Saxo Bank also disappointed in this segment after yielding a figure of $7.7 billion in April 2022, down by 24 percent from the $10.1 billion reported in March. The ADV figure was however higher by 48 percent from $5.2 billion set back a year earlier.

Overall, Saxo Bank’s average daily volume across all asset classes was lower during April 2022, reported at $15.6 billion per day, down 22 percent month-over-month relative to $20 billion the month prior. Moreover, the figure was higher by 23 percent from $12.7 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.

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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