The Danish group, which operates in multiple regions, said spending on a variety of "strategic initiatives" raised its costs. Operating income rose in the first half of the year, while net income dipped slightly from a year before.

Copenhagen-based Saxo Bank has logged a net profit of DKK512 million ($80.6 million) for the first six months of 2021, dipping from DKK529 million for the same period last year. 

Operating income came in at DKK2.4 billion for the first six months of 2021, up from DKK2.3 billion a year before.

The group reached a record of more than 790,000 clients and total clients' assets reached DKK595 billion as of 30 June 2021, it said in a statement last Friday. 

Staff costs and administrative expenses rose 10 per cent year-on-year, reaching DKK 1.5 billion, driven by investment in “strategic initiatives,” the bank said.

In early July Saxo Bank appointed Mette Ingeman Pedersen as group chief financial officer. Joining the management board and executive team, she will start no later than November, reporting directly to CEO and founder Kim Fournais. In June, Saxo Markets - part of the group - appointed Richard Douglas as chief executive for Saxo Markets in Hong Kong. Fan Xu, CEO of Greater China, moved into the role of CEO for Saxo FinTech, a joint venture between Saxo and Geely, its majority shareholder.