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Saxo Bank reports mixed trading volumes for May 2023

Saxo Bank reports mixed trading volumes for May 2023

The Danish multi-asset brokerage reported its total monthly FX volume for January 2022 at $130.5 billion, which is up 27 percent from $102.8 billion a month ago. Further, this figure corresponds to a yearly drop of 13 percent compared to $149 billion in 2022.

In terms of its commodities business, Saxo Bank performance was flat in this segment after yielding a figure of $1.8 billion in May 2022, higher by 6 percent from the $1.7 billion reported in April.

Overall, Saxo Bank’s average daily volume across all asset classes was higher during May 2023, reported at $17.7 billion per day, up 11 percent month-over-month relative to $15.9 billion the month prior. Additionally, the figure was down by 8 percent from $20 billion a year ago.

The Copenhagen-based broker reported last month a major accomplishment by surpassing the significant milestone of $100 billion in client assets. That was a record-breaking milestone for the Danish broker, which took 25 years to reach the $20 billion mark and then only 5 years to increase the key metric five-fold and add an additional $80 billion.

Saxo Bank said this remarkable achievement highlights its continuous growth in client numbers and deposits, as well as solidifying its position as a prominent financial provider, even amidst a challenging macro-economic environment.

Earlier this year, Saxo Bank reported lower revenues and net income for the fiscal year 2022 as customer trading activity dropped as compared with the previous year.

The multi-asset group 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.

The post Saxo Bank reports mixed trading volumes for May 2023 appeared first on FinanceFeeds.

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