Copenhagen based Retail FX and CFDs broker Saxo Bank has released its 2023 Annual Report, indicating a fairly steady second-half-of-the-year, but falling profitability at the company.
Revenues at Saxo Bank came in at DKK 2.239 billion (USD $320 million) in the second half of 2023, virtually identical to the first half of the year (DKK 2.242 billion). However on the bottom line Saxo posted a net loss of DKK 22 million ($3 million) in the July-to-December 2023 period, versus a profit of DKK 282 million in the first half of the year. The loss was due mainly to a write-down of software, and a negative impact of DKK 94 million from the divestment of the Saxo Geely Tech Holding joint venture.
For the full year 2023, Revenues at Saxo Bank came in at DKK 4.481 billion ($640 million), up 1% from 2022, and the company posted…
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