Swissquote surpasses revenue expectations in H1 of 2021
Swissquote has come out with the company results for H1 of 2021 and these show huge growth when compared to the revenue during the same period of last year and also has exceeded the expectations that the company had for this year.
The company had net revenue of CHF 264.4 million and this is more than 64% higher when compared to the revenue of CHF 160.7 million that it had earned last year. But, the results from last year need to be taken with a pinch of salt as the whole world was in the middle of the pandemic during this period last year and so many of the retail traders had stayed away from almost all trading platforms and all of them had reported very low revenues last year.
This year, the pandemic has been slowly receding in many countries and so traders are returning to the platforms and most of the trading and broker platforms have shown some rise in trading volumes this year. Many of them have also benefited from the big increase in the trading of cryptos and this is evident from the fact that Sqwissquotes has seen a 1200% increase in its crypto assets income which came in at CHF63.2 million as compared to CHF 4.8 million last year.
The company also reported a pre-tax profit of CHF 134.6 million which is a 130.4% increase when compared to the same period last year. The company has also seen an increased number of new clients and this has, in turn, led to a big surge in the client assets that are with the company, especially from international clients.
The company has also reported that it has expanded its crypto offering during this period and now it has over 20 cryptocurrencies for the users to trade in and it remains one of the biggest players in this space. Switzerland has also introduced the DLT Act which makes it one of the very first countries to bring in regulation and clear laws around crypto which is expected to help push this ecosystem within Switzerland.
The company had also launched a new digital finance app called Yuh in combination with PostFinance which now has over 20,000 customers and continues to grow strongly as it has been seeing some steady patronage from the users. The company has said that it expects to repeat this performance in the second half of the year which should continue to boost its revenues in the coming months.