Investors have been flocking to Swissquote’s trading platforms, as COVID-19 causes extreme market volatility, the Swiss banking group announced in an update this Wednesday.
In particular, as was seen across the industry, Swissquote said today that the first months of 2020 saw a strong increase in trading activity and a massive inflow of new clients, driven by heightened volatility.
As a result, the Swiss banking group has achieved a solid performance in the first half of this year, with net revenues increasing by more than 40 per cent from the same period last year. Furthermore, pre-tax profit is higher by more than 120 per cent on a yearly comparison.
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Specifically, for the first half of the year, the Switzerland-based company now estimates that net revenues will be more than CHF 160 million, as compared to the CHF 112.2 million recorded in the first half of 2019.
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This represents a significant uptick in the overall performance of the company. As Finance Magnates reported, net revenues for the Swiss bank in H1 of 2019 was lower by 0.5 per cent against the previous year, which had net revenues of CHF 112.8 million.
Pre-tax profit, on the other hand, is forecast to exceed CHF 56 million. This is more than double the CHF 25.1 million profit in the first half of last year. In H1 of 2019, operating revenues for the first half was CHF 117.2 million, this was also down by 0.7 per cent from the CHF 118.0 million net revenues achieved in the first half of 2018.
“The outlook for 2020 reported on 17 March 2020 anticipated that Net revenues and profitability would increase by 10 percent. A revised outlook taking into account a more prudent second half year 2020 will be provided as part of the publication of the half year results on 11 August 2020,” the company said in its statement today.