Saxo Bank reveals big profit hit as client activity shrinksThe FX bank has announced its financial results for the six months ending June 30, 2022. As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 302 million ($40.6 million), down 41 percent from DKK 512 million in the January-June period of 2022. Meanwhile, Saxo Bank won more clients with total active accounts crossing 874,000 for the first time in the company’s 30-year history. BinckBank migration still on holdCommenting on the results, Kim Fournais, CEO and founder of Saxo Bank, said: “The results are not satisfactory and affected by difficult market conditions during the first half of 2022. Saxo Bank added that the cost level remained almost unchanged, not least driven by the delayed completion of the BinckBank migration, which has added cost and complexity in running two parallel infrastructures.