Swiss FX broker and online bank, Swissquote, has announced mixed results for the first half of 2014. The acquisition and integration of MIG Bank is behind schedule and is the main reason given by the group for both the growth in revenues and expenses.
Swissquote failed to reach its goal of $500 billion trading volume in H1 (it was actually 12.5% below), which it blamed on low volatility and moved the volume goal to H2 2014.
Key Metrics in H1 2014:
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- Total net revenue up by 16.8%
- Net profit down by 18%
- New accounts up by 7%
- eForex volume reached $437.7 billion
- Net eForex income grew by 84.7%
- Assets under custody increased by 16.9%
The integration of MIG Bank which was acquired at the end of September 2013 is behind the schedule the group set, but Swissquote now states the integration will be completed by the end of the third quarter of 2014.
Swissquote Results H1 2014: