On the background of COVID-19, the online broker has identified 1 million transactions in recent weeks, compared to 2.8 million for the full year 2019.
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The high volatility caused in the financial markets by the coronavirus directly affects Swissquote. The Vaudois online broker is overwhelmed by requests to open accounts. The number of transactions since January has soared, auguring a more eventful year than 2019, a year completed with stable profit.
The online banking giant has recorded 1 million transactions in recent weeks, compared to 2.8 million for the whole of the financial year 2019, general manager Marc Bürki said on conference call on Tuesday. The boss of Swissquote has assured that the massive increase in traffic is manageable. Customers will be able to manage their wallets without risk of system failure, he said.
Customers have obviously not panicked, as many of them expected a market correction already last year. Customer assets have decreased by CHF 4 billion since the start of the year. At the end of 2019, they peaked at 32.2 billion (+ 35.3% year on year).
The start of the year was also successful in terms of net cash inflows.
Also read:
Swissquote posts solid balance sheet in 2019
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