Swissquote announced its Q1 2013 earnings report today. The broker reported higher QoQ and YoY Operating Revenue growth, with Net Income declining from 2012. During the quarter, Operating Revenues were recorded at CHF 28.7 million ($30.69 million), 1.9% above the same period last year, and 9.1% above Q4 2012. Net Income came in at 5.48 million ($5.86 million), a 13.3% drop below the same period last year. Cash Flows from operations though increased 58% to CHF 6.90 million from 4.36 million in Q1 2012.
Swissquote reported total clients increased 1.4% to 203,005, with total Assets Under Custody increasing 7.4% to CHF 9.108 billion ($9.74 billion), the first time figures topped CHF 9 billion. The breakdown of clients was as follows; 160,978 trading accounts, 30,153 savings accounts, 11,067 eForex accounts, and 807 private banking accounts.
What’s Holding Back Blockchain Adoption? The Answer is Simple - ConnectivityGo to article >>
In FX, Swissquote offers two account types; Trading and eForex. ‘Trading’ accounts are the broker’s multi asset offering, with eForex being limited to just currencies. In its eForex division, volumes dropped to CHF 66.5 billion ($71.1 billion) from CHF 74.7 billion in Q4 2012. Average account size of eForex customers was CHF 11,550. This compares to an average Trading account size of CHF 51,560. Combined FX revenues from both the eForex and Trading account divisions were CHF 9,781 million ($10.46 million). eForex accounts contributed for nearly 70% of the forex revenues.