Saxo Bank Reports Record Commodity Trading Volumes, FX Shines Too

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In a volatile market dominated by Russian-Ukrainian headlines, forex trading volumes through Saxo Bank hit their highest level in more than twelve months.

Saxo Bank customers traded $6.6 billion worth a day in March, up 18% month-on-month from $5.6 billion in February 2022. Saxo’s ADV FX for the past month was lower year-over-year, however, correlating to an 11 percent decline from $7.4 billion in March 2021.

Saxo Bank’s total monthly foreign exchange volume is also reported to have hit its highest level in a year, hitting $152.2 billion in March. That figure was up 34% from February totals, but is a 10% annual decline from $170 billion a year earlier.

Additionally, the increased volatility gave Saxo extraordinary volumes in the commodities segment. Total monthly volume hit a record high at $67 billion, up 52% ​​month-over-month from February’s $44 billion. The figure was also nearly 72% higher than its 2021 equivalent.

Despite bullish performance in FX and commodity turnover, Saxo Bank’s average daily volume across all asset classes was lower in March 2022. The Danish multi-asset brokerage reported the ADV figure to $20 billion a day from $21 billion the previous month. Additionally, the figure was 17% higher than $17.1 billion a year ago.

Saxo Bank reports revenue growth

Saxo Bank announced an increase in revenue for 2021 as Covid-19 remains a key trigger for client trading activity, but its profits were almost the same as a year earlier. The Copenhagen-based broker saw slight revenue growth to DKK 4.5 billion ($685 million), up 4% from DKK 4.3 billion for the same period last year.

In terms of earnings metrics, Saxo Bank disclosed a net profit of DKK 755 million ($114 million), slightly higher than the DKK 750 million in the January-December 2020 period.

Additionally, Saxo Bank gained more customers with total active accounts exceeding 820,000 for the first time in the company’s 30-year history. After opening more than 263,000 new accounts last year, total client assets under custody increased to DKK 640 billion in December 2021.

On the operations front, Saxo Bank has completed integration with BinckBank, which it acquired in 2019, but the Dutch lender’s last customer segment is yet to migrate later this year. The transaction added more than 400,000 direct customers in four jurisdictions in the Netherlands, Belgium, France and Italy.

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