Saxo Bank has reported a 150% increase in its MENA client base for H1 of 2020 compared to the previous year, with the regional growth contributing to a sizeable increase in net profits and record high levels of customer acquisition across the group.
More than 80,000 new active clients joined the group across all global markets in the first half of 2020, bringing the client base to a record high of more than 620,000 clients. Other H1 records for the Saxo Bank Group include all-time high client assets – at 232 billion AED (DKK 395 billion) as of the H1 2020 report, up from 76 billion AED (DKK 131 billion) in H1 2019 – record number of trades, new clients and a record high growth in the equity trading business.
The Group reported a net profit of AED 310 million (DKK 529 million) for the first half of 2020, and operating income for the Group amounted to AED 1.35 billion (DKK 2.3 billion) as of June 2020.
Steve Weller, Middle East CEO for Saxo Bank said: “The H1 results show significant growth in our Middle East business, with the region contributing substantially to the very strong global figures for Saxo Bank. We can also already predict that H2 figures will be exceptional compared to last year.
“There is no question that results this year have been positively impacted by the increased volatility in global capital markets. It was clear however, that our business was already benefitting from a number of internal initiatives – from high investments into digitization, scalable infrastructure, automated processes and an improved overall Saxo Bank experience.“
Alongside the financial growth, Saxo Bank has also seen a 75% increase in daily unique users on platforms for H1 2020 compared to 2019, as well as a 260% increase in webinar attendance. The first half of this year has also seen a 250% increase in visitors to the market analysis and thematic trading ideas hub, and a 120% increase in visitors to the education hub, reflecting a growing appetite amongst clients for trading and investment information.
Weller added: “The global trend for online trading and investment has accelerated over the past six months, particularly in the self-directed space. It is important therefore that we continue to invest heavily in our platforms, products and services so we can continue to provide the support and infrastructure that our clients need to access global markets and diversify their portfolios.
“From our recently launched loyalty program through to our many tools and services that help clients to make more informed decisions, we are always striving to empower our clients, enabling them to manage their risk and make more informed trading and investment decisions.”
