Swissquote, a provider of online trading and banking services, released its definitive financial results for the first half of 2018 this Wednesday. The Swiss company saw a substantial increase in its year-on-year profits, with growth across all business lines.
In the report, Swissquote noted that its total operating income for the first half of this year was just under CHF 121 million ($124.22 million). That was a 35.9 percent increase on 2017, when the firm reported operating income of approximately CHF 89 million ($91.37 million).
This growth was largely down to a large uptick in the company’s income from fees and commissions. In the first half of 2017, the firm reported fee and commission income of CHF 43.82 million ($44.99 million). That figure increased by 39.4 percent to CHF 61.07 million ($62.70 million) in the first half of this year.
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Swissquote trading income up
Trading income also grew fairly drastically for Swissquote in the first half of 2018. Wednesday’s report indicates that the company saw total trading income of CHF 53.99 million ($55.43 million). That was a 22.2 percent increase on the first half of 2017, when the firm reported total trading income of CHF 45.14 million ($46.34 million).
In percentage terms, Swissquote’s largest growth area was in interest income – although monetarily this was actually the smallest segment of growth in monetary terms. In the first half of 2017, the firm reported interest income of CHF 6.01 million ($6.17 million). This year that figure grew by 89.6 percent to CHF 11.40 million ($11.70 million).
As a result of revenue growth across its business lines, Swissquote was able to report a significant year-on-year increase in profits. Last year the firm reported a half-year profit of CHF 17.89 million ($18.37 million). This year that number grew by 43.8 percent to CHF 25.74 million ($26.43 million).