Swissquote Bank Reports Strong Performance for 1st half of 2013, Profits up 19%

Leading Swiss based FX bank, Swissquote, has announced promising results for the fist half of 2013. The news comes in line with market expectations of an improved business environment in 2013.

Key metrics

• Total net reveue up by 5.1%
• Net profit up by 19.2%
• New accounts up by 2.3%

The bank witnessed an increase in total net revenues, the main contributors were; net fees, commission, FX and trading income. In the first 6 months of the year total net revenues were CHF 60.2 million (US $64.8 million) an increase from CHF 57.3 million year on year.

The firm reported positive trading commission, which comes on the back of an upturn in trading activity, to CHF 30 million an increase of 13% YoY. Income from Forex trading was also in the positive, the bank earned CHF 22.4 million an increase of 4% from last years figure of CHF 21.9 million.

Of the total number of accounts at the bank, there are 11,169 eForex accounts an increase from 10,542 that were held in the previous year, client assets are at CHF 87.2 million for Forex, a significant decrease from CHF 136.2 million in 2012.

Overall the bank has seen earnings in line with those of 2012, with operating expenses, Pre-tax profit and earnings per share all at adequte levels.

Branching out

Emerging market currencies have been on the radar for traders as they look to diversify and explore new opportunities. Swissquote bank was one of the first Swiss FX players to launch EM currencies earlier this month. The launch of the USD INR will be of particular interest to the banks Dubai operation that offers a competing contract to the currency future offered by Dubai's main commodity bourse, the INR USD.

The banks share price is trading in the positive in Switzerland at 29.80 CHF.

Switzerland, was regarded as the place to do business for the rich and affluent, the country attracted wealth from across the globe, prior to the regulations that affected FX brokers the country was home to several firms offering trading in the popular FX markets, however since the new regulations were announced Switzerland has been slow to deem itself as an ideal destination for firms to set up and offer their services from.

Swissquote bank is accompanied by Dukascopy and MIG Bank.