Swissquote, a Switzerland based banking group, has published its yearly performance report for the full year 2017, and the numbers exemplify the bank’s most successful year ever.
According to the official report, Swissquote’s net revenues posted a 25% YoY increase to reach CHF 187.8 million. Meanwhile, the release also showed an even more dramatic rise for net profits, which climbed 88.8% YoY, to an impressive CHF 39.2 million.
Helping to infuse the numbers were lingering negative interest rates, which naturally incentivize investors to actively seek various investment avenues that aided the bottom line results of Swissquote.
Consequently, the number of transactions executed through the bank increased to 2.6 million, marking a rise of 310,000 transactions YoY. The greater number of transactions directly influenced net fee and commission income, which alone accounted for a 22.5% YoY improvement to reach CHF 85.2 million.
Find Out What You Missed at NEXT BLOCK Blockchain Conference SofiaGo to article >>
The bank’s eForex business also saw improved data, contributing income amounting to CHF 66.7 million, marking a 26.2% YoY increase from 2017 levels of CHF 52.8 million.
When breaking down Swissquote’s net income, net trading income and net interest income each performed admirably as well. The former improved on 2017’s performance of CHF 16.8 million, to post a 32.7% increase to CHF 22.3 million. Meanwhile, the latter recorded a 27.8% YoY rise to CHF 19.7 million, relative to the preceding year’s release at CHF 15.4 million.
Factors Contributing to Swissquote Success
According to the bank’s official report, some of the factors contributing to the successful year incurred by Swissquote were derivatives trading through Swiss DOTS, and cryptocurrencies trading.
Swissquote initially launched cryptocurrency trading in July of last year amid high demand for the digital assets. The launch was enabled through a partnership reached with Bitstamp. Swissquote later added additional cryptocurrencies, in order to provide its clients with the ability to diversify their crypto holdings, and to attract new crypto investors.
As previously reported by Finance Magnates, Swissquote’s earnings have been driven higher, due to a surge in cryptocurrency trading through the bank.