Saxo Bank, a multi-asset trading and investment firm operating in the UAE and globally, reported a 35 percent jump in profit to $76 million in the first half of 2024.
Its total income, however, registered only a marginal rise to $347 million in the first half this year, compared to $336 million in the same year-ago period.
Saxo Bank said the net profit in H1 this year included a one time recognition of $7 million restructuring costs in some of its Asia Pacific offices.
The firm also reported a significant rise in its client assets to $122 billion during January-June 2024, compared to $108 billion in the same year-ago period.
Saxo said volatility across financial markets has been low in the first half of 2024, resulting in lower trading and investing activity, while the higher interest rates and positive inflow of client funding impacted the financial performance positively.
It said the firm also rolled out a new competitive pricing structure during 2024 that lowers costs for clients as well as improvements to the client experience.
Saxo Bank said it initiated a restructuring of its distribution model in the Asia-Pacific region to increase focus, strengthen compliance, reduce risk, and enhance operational efficiency.
The restructuring is initiated considering the strategic opportunities for its offices in Hong Kong, Japan, and Australia.
Saxo Bank also said its office in Shanghai is in the process of being closed.
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