Swissquote, a Swiss banking group specializing in the provision of online financial and trading services, has announced this Wednesday that it has managed to exceed its profit forecast for 2019.
Swissquote managed to reach those goals, with the firm reporting total net revenues of CHF 230 million. When measuring this against the previous year, it has increased by 7.2 percent from the CHF 214.5 million in revenues noted in 2018.
Swissquote pre-tax profit beats expectations
Swissquote increased its pre-tax profit forecast to CHF 48 million, up from a previously estimated CHF 44 million. However, the Swiss bank actually managed to surpass both of these figures by achieving a pre-tax profit of CHF 50 million.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Although pre-tax profit managed to be higher than what the company was forecasting, the figure posted in 2019 is still lower than the pre-tax profit achieved in the previous year, which was CHF 53.8 million (lower by 7.1 percent).
According to the press release published today by the Swiss company, during 2019, it managed to post record client assets – coming in at CHF 32.2 billion, which has increased from the CHF 23.8 client assets reported in 2018 by 35.3 percent.
Not only that, but net new money inflows also produced a year-on-year uptick. Specifically, it increased from CHF 3.1 billion in 2018 to reach CHF 4.6 billion last year. Overall, Swissquote believes it is on track for its 2022 goals.
The results published today were only a taste of the Swiss bank’s performance during 2019. The company will publish the full report for the 2019 financial year on the 17th of March 2020.
As Finance Magnates reported, Swissquote started off 2019 on unsteady footing, with the company reporting a slight drop across its key financial metrics on a year-on-year comparison.