Swissquote boosts its performance in the first half of the year

Thanks to this performance, the management of the glandois group has raised its expectations for the year as a whole.

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Online broker Swissquote benefited fully from market volatility in the first half of the year, adding account openings and inflows of liquidity. Thanks to this performance, the management of the glandois group has raised its expectations for the year as a whole.

Confirming its preliminary figures released in mid-June, Swissquote reported Tuesday a turnover up sharply by 38.9% to 162.7 million francs.

While operating expenses rose 17.4% year-on-year to 102.3 million francs, mainly due to higher personnel costs, pre-tax profit soared 132.8% to 58.4 million, the company detailed in a statement. Net profit for its part more than doubled to 50.4 million.

The net inflow of new capital reached 3 billion francs, against 1.2 billion organic growth or 2.2 billion with the integration of the Luxembourg bank Internaxx a year ago. Customer assets increased 9.7% to 33.5 billion.

The Vaud group benefited from the massive arrival of new customers, the number of accounts leaping 16.9% or 57,258 to 396,430.

Driven by these solid half-year results, the management anticipates a profit before tax of 100 million francs for the whole year and a turnover of 300 million. In March, Swissquote was still forecasting revenue and profit growth of more than 10%.

By way of comparison, the online broker had generated net income of 230.6 million francs last year.

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