Swissquote has published its full-year financial results for 2018, stating once again that it achieved record absolute figures when compared to the previous year, with net revenues rising by 14.3 percent.
The Swiss bank and brokerage company previously revealed some of its financial results back in January, with the company releasing its full results today. As Finance Magnates reported, total revenues for 2018 was CHF 214.5 million ($212.43 million), the first time revenues have surpassed the CHF 200 million mark for the firm.
Net profit also posted solid results, with the value increasing by 13.8 percent year-on-year. Specifically, it climbed from CHF 39.2 million in 2017 up to CHF 44.6 million in the past year.
Breaking down total revenues, operating revenues for Swissquote came in at CHF 225.4 million. When measured against 2017, which achieved operating revenues of CHF 194.0 million, this is up by 16.2 percent.
Higher FX and Crypto Trading Boosts Revenues
Higher trading activity boosted net fee and commission income by 16.8 percent to CHF 99.5 million in 2018, compared to CHF 85.2 million in 2017. Trading in cryptocurrencies and derivative products via Swiss DOTS contributed to the uptick.
Net eForex income was also up on year-on-year comparison, as a large number of new clients, increase in client assets and a higher volume of transactions contributed to a 7.7 percent increase to CHF 71.8 million.
Net trading income, which is currency trading income excluding that achieved via eForex, actually went against the upward trend and fell by 6.5 percent from CHF 22.3 million in 2017 to CHF 20.9 million.
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Net interest income, however, still managed to post solid growth during the year, jumping by 69.1 percent to CHF 33.2 million. This was largely thanks to a steady rise in short-term interest rates in the US and a growing volume of client assets in foreign currencies.
Total equity for Swissquote also managed to increase by 19.3 percent to reach CHF 352.2 million. From this amount, €27.7 million ($31.04 million) will be withdrawn as the purchase price for Luxembourg’s Internaxx Bank S.A. which the company acquired in August last year.
Swissquote to Enhance Crypto Trading
In addition to publishing its financial statement, the Swiss company also announced that following the successful start to cryptocurrency trading via the Swissquote platform, as of March 21, 2019, traders will be able to transfer cryptocurrencies from external wallets to a Swissquote account and vice versa.
Therefore, the trading platform will become a secure and technologically fully integrated cryptocurrency trading platform, the statement released today said. To achieve this, the firm will use the services of Crypto Storage AG.
Swissquote Strengthens Executive Management
Also today, the Swiss bank revealed that it has further strengthened its executive management by appointing Michael Ploog, who has been the Chief Financial Officer (CFO) of Swissquote since 1999 as the Chief Investment Officer (CIO).
Taking Ploog’s place as CFO will be Yvan Cardenas, who has been with the banking and brokerage company since 2010. In addition, Lino Finini, who initially joined the firm back in 2001, will become the Chief Operating Officer (COO). Lastly, Jan De Schepper will become the Chief Sales and Marketing Officer (CSO).
Following this year’s Annual General Meeting, Swissquote will have a new Chairman of Board of Directors as Mario Fontana, who has been the Chairman since 2002, is no longer standing for re-election. Taking his place is Dr Markus Dennler, who has been a member of the Board since 2005.