Swissquote, the Swiss Bank which recently acquired ACM, has just published its financial results for the first half year of 2011. The Bank improved in almost all metrics and its forex (what they call eForex) volume is up 5% from the first quarter. Swissquote’s average monthly volume is now 35 billion CHF – equal to $42.4 Billion.
All segments contributed to the marked increase in total net revenues, but they witnessed varying developments. In the 1st half of 2011, net fee and commission income rose year-on-year by only 2.3 percent to CHF 33.3 million. One of the main reasons for the modest increase was the low volume of trading activity on the part of clients – in the 2nd quarter, the number of transactions per client/year decreased to 11.1 (previous quarter 16.3). On the other hand, the strong CHF impacted revenue growth since some 50 percent of revenues are settled in foreign currencies – above all in USD and EUR. Interest income rose by 46.6 percent to CHF 7.8 million. The above-average growth in trading operations (eForex) is attributable in particular to ACM, which was acquired in fall 2010 and has been fully merged with Swissquote Bank Ltd. since 10 June of the current year. Revenues increased by 125.6 percent to CHF 26.4 million, contributing 40 percent to total net revenues despite the fact that trading income realized in USD is presently under heavy pressure from the strong CHF. The eForex trading volume came to CHF 203.9 billion in the 1st half.
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Swissquote publishes H1 2011 results, forex volume slightly up
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