Swissquote, a leading Switzerland-based online trading platform, confirmed record results for the first half of 2021 today. The broker saw a substantial jump in net revenues and pre-tax profits.
According to an official press release shared with Finance Magnates, the net revenues of Swissquote reached CHF 264.4 million in H1 of 2021, which is 64.5% higher compared to the same period in 2020. For the full year 2021, the financial services provider is now targeting net revenues of CHF 465 million.
In terms of pre-tax profit, the number touched CHF 134.6 million in the first six months of 2021, which is 130% higher than H1 of 2020. The broker is now expecting a pre-tax profit of CHF 210 million for the full year of 2021.
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“The net new money inflow hit a new record and came in at CHF 4.9 billion (H1 2020: CHF 3.0 billion). More than 40 percent of this purely organic growth was achieved with international customers. With the combination of positive markets, client assets grew by 50 percent to CHF 50.2 billion (CHF 33.5 billion). At the same time, the average deposit per customer continued to increase to CHF 109,265 (+29.3 percent) confirming Swissquote’s position as a partner of choice for mass affluent customers,” Swissquote mentioned in the press release.
Swissquote highlighted the recent expansion of crypto-related offerings and mentioned that the company now has approximately CHF 1.9 billion worth of crypto assets under custody. “In the field of crypto-assets, Swissquote continued to enlarge its offering for retail and institutional customers. With more than 20 cryptocurrencies and CHF 1.9 billion in crypto-assets under custody, Swissquote is the bank with the most comprehensive offering in Switzerland and in Europe. On 1 August 2021, the new Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology (DLT Act) fully entered into force in Switzerland. This law increases legal certainty and makes Switzerland a pioneer country in the field of crypto-assets and blockchain technologies,” Swissquote added.
Earlier this year, Swissquote announced the launch of a collaborative digital banking app Yuh.