Swissquote registers 52% Y/Y increase in net eForex income in H1 2020
In the first six months of 2020, net profit was up 128.5% from a year earlier to CHF 50.4 million.
Switzerland’s most prominent online trading bank Swissquote today posted a set of solid metrics for the first half of 2020.
Net profit for the first six months of 2020 amounted to CHF 50.4 million, up 128.5% from the equivalent period a year earlier. Pre-tax profit rose by 132.8%, ahead of expectations, to CHF 58.4 million.
Operating revenues reached a new high level of CHF 162.7 million, up by 38.9% from the result of CHF 117.2 million registered a year earlier. Net revenues for the first half of 2020 amounted to CHF 160.7 million, marking an increase of 43.2% from the same period a year earlier.
The massive influx of clients seen since the beginning of the year and the financial markets high volatility resulted in a significant increase in transactions (over 3 million) and trading volumes in the first half of 2020. These factors contributed to a rise in revenues in Swissquote’s two most important segments – fee & commission and eForex.
Net fee & commission income climbed by 82.7% to CHF 83.4 million, whereas net eForex income increased by 52.2% to CHF 60 million.
Net new money inflow from purely organic growth hit a new record, reaching CHF 3 billion at billion. Client assets grew by 9.7% to CHF 33.5 billion.
The total number of accounts increased by 16.9% to 396,430. This includes 57,819 eForex accounts (up 11.2%).
In terms of more recent performance, Swissquote notes that it has seen good results in July thanks to the continuing positive business trends and string growth in new customers. Pre-tax profit for the month of July amounted to CHF 10 million.
For 2020, Swissquote expects a pre-tax profit of CHF 100 million on revenues of CHF 300 million.
