Swissquote Posts Q1 Report - Assets Up, FX Volumes Down
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.
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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term revenues.
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.
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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term revenues.