Swissquote beats profit forecast in 2019
Swissquote posted pre-tax profit of CHF 50 million, exceeding forecasts.
Switzerland’s most prominent online trading bank Swissquote Group Holding SA (SWX:SQN) has earlier today posted some key financial performance metrics for 2019.
During the presentation of the 2018 full year figures, Swissquote announced an expected growth in net revenues of 5% to 10% for 2019. The forecast has now been achieved with total net revenues in the order of CHF 230 million.
The initial pre-tax profit forecast for 2019 of CHF 44 million was revised to CHF 48 million in July 2019. The company exceeded its pre-tax profit forecast as profits for 2019 amounted to CHF 50 million. With record client assets of CHF 32.3 billion and net new money inflows of CHF 4.6 billion, Swissquote is on track with the targets set for 2022.
The full report for the 2019 financial year will be published on March 17, 2020.
Let’s recall that, as FinanceFeeds reported, Swissquote’s first half of 2019 demonstrated that net eForex income was up 12.5% to CHF 39.5 million. This growth was due to a 33.8% increase in assets held in eForex accounts to CHF 439.8 million. In addition, margins were generally improved.
In the first half of 2019, Swissquote’s revenues remained stable and in line with the first half of 2018, which is of particular interest considering that the company, well known for having expanded its business susbtantially over the past decade via a series of very structured acquisitions – namely MIG Bank and ACM – had completed the acquisition of Internaxx Bank.
