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Swissquote revises income and profit growth upwards

Andrew Saks-McLeod, Head of Research and Analysis, ETX Capital

Switzerland’s largest electronic bank cites two reasons for this sharp rise in earnings growth: firstly, significantly improved results in the traditional business (Trading, eForex); and secondly, cryptocurrency trading, after Swissquote became the first European online bank to launch such an offering in early July.

In its interim financial report, Swissquote stated that it expected to double its extremely strong first-half results for the full year. This estimate has now been revised upwards, with total earnings now expected to amount to CHF 186 million, approximately CHF 8 million above the previous forecast.

Pre-tax profit totals around CHF 45 million.

There are two reasons for this sharp rise in earnings growth: firstly, significantly improved results in the traditional business (Trading, eForex); and secondly, cryptocurrency trading, after Swissquote became the first European online bank to launch such an offering in early July.

Strong interest in cryptocurrency trading led to a flood of new account openings. Several thousand account opening applications are currently being submitted every week, each of which Swissquote, as a licensed bank, must review in accordance with banking standards. This takes time and is causing some
delays in opening accounts. Swissquote is working extremely hard to clear the backlog.

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