Danish brokerage group Saxo Bank released its financial results for 2024 on Monday morning.
The company saw record profits and revenues last year.
Total revenue for the firm came in at DKK 4,670bn ($654.2m), with net profit hitting DKK 1,005bn ($140.8m) in 2024.
Revenues at the firm were fairly evenly split between the company’s institutional, trading, and investment business lines.
However, revenue growth at the firm was driven entirely by higher interest rates.
Net interest income for the year was DKK 2,403m ($336.7m) compared to DKK 1,999 ($280.1m) in 2023.
Although trading-based revenues rose at the firm to DKK 2,847m ($399.0m), this was offset by an increase in trading costs, which took the broker’s revenues from commissions and fees to DKK 1,190 ($166.75m).
Net revenues from trading were thus almost 10% lower than in 2023, when they hit DKK 1,309 ($183.4m).
Headcount at the firm remained steady last year, with 2,327 full time staff, compared to 2,332 in 2023. The company cut its headcount substantially from 2022 to 2023, with almost 160 fewer full time staff in 2024 compared to last year.
Saxo Bank has been looking to IPO or to sell to a new buyer for some time now. The broker said in its report that investment bank Goldman Sachs is helping the firm to find a buyer.
