Swissquote Group Holding Net Profit Doubles in 2014 After MIG Acquisition
- Margins increased at Swissquote as the company optimized the costs related to the acquisition of MIG Bank in 2013, as electronic foreign exchange accounted for most of the revenue increase throughout 2014.
According to an earnings announcement made by Swissquote Group Holding (SWX:SQN), the company's profit margins increased substantially in 2014, as the broker reported that profits from its operations have more than doubled, while revenues increased 16%.
Net revenues increased by 16.5 percent in 2014 to CHF 145.5 million ($152 million), which is a record high number. Net profit was up 101.8 percent totaling CHF 23.5 million ($24.5 million) owed to the optimization of restructuring costs related to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There of the MIG Bank in 2013.
That said, the company has already revealed that in the aftermath of the Swiss National Bank's move to remove the floor from the EUR/CHF Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv rate, it lost close to CHF 25 million, slightly surpassing the profit the company made in 2014.
The net electronic foreign exchange income at Swissquote Group Holding (SWX:SQN) increased by 43.9 percent to CHF 54.8 million ($56 million) on volumes totaling $1 trillion, which was in line with the company's expectations for the full year 2014.
The revenue structure remained diversified with electronic foreign exchange and commissions & fees each accounting for about 40 percent of the total, while trading and interest operations contributed 10 percent each.
2015 Outlook
Assets under custody increased by almost CHF 1 billion, totaling CHF 11.562 billion ($12 billion). The Swissquote Group Holding expects net revenues to increase by 15 percent in 2015, while client assets add another CHF billion.
Swissquote's partnership for foreign exchange order handling with PostFinance, which was announced in May 2014, will be fully launched in the fall of 2015. The broker expects that 60,000 new client accounts and CHF 4 billion of customer funds will be transferred by May 2016.
According to an earnings announcement made by Swissquote Group Holding (SWX:SQN), the company's profit margins increased substantially in 2014, as the broker reported that profits from its operations have more than doubled, while revenues increased 16%.
Net revenues increased by 16.5 percent in 2014 to CHF 145.5 million ($152 million), which is a record high number. Net profit was up 101.8 percent totaling CHF 23.5 million ($24.5 million) owed to the optimization of restructuring costs related to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There of the MIG Bank in 2013.
That said, the company has already revealed that in the aftermath of the Swiss National Bank's move to remove the floor from the EUR/CHF Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv rate, it lost close to CHF 25 million, slightly surpassing the profit the company made in 2014.
The net electronic foreign exchange income at Swissquote Group Holding (SWX:SQN) increased by 43.9 percent to CHF 54.8 million ($56 million) on volumes totaling $1 trillion, which was in line with the company's expectations for the full year 2014.
The revenue structure remained diversified with electronic foreign exchange and commissions & fees each accounting for about 40 percent of the total, while trading and interest operations contributed 10 percent each.
2015 Outlook
Assets under custody increased by almost CHF 1 billion, totaling CHF 11.562 billion ($12 billion). The Swissquote Group Holding expects net revenues to increase by 15 percent in 2015, while client assets add another CHF billion.
Swissquote's partnership for foreign exchange order handling with PostFinance, which was announced in May 2014, will be fully launched in the fall of 2015. The broker expects that 60,000 new client accounts and CHF 4 billion of customer funds will be transferred by May 2016.