Swissquote Expects Strong H1 2021 Results
Swissquote, a Switzerland-based online trading platform, announced today that the company is expecting a record performance for the first half of 2021 due to a surge in trading activities.
According to an official announcement shared with Finance Magnates, Swissquote is expecting net revenues of CHF 260 million for H1 of 2021. The company reported net revenues of CHF 160.7 million, during the first half of 2020.
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Regarding pre-tax profits, the Switzerland-based financial services provider is expecting the total pre-tax profits to exceed CHF 130 million, compared to CHF 58.4 million in H1 of 2020.
“The strong organic growth that has been ongoing for months continues at Swissquote. Since the beginning of the year, Swissquote has been registering a massive inflow of new clients and new assets. The first [few] months of 2021 have seen strong trading activities in Swissquote’s main revenue segments (fee and commission, eForex and cryptocurrencies). As a result, Swissquote expects to achieve record half-year results. Net revenues for the first half-year 2021 are estimated at around CHF 260 million (H1-2020: CHF 160.7 million) while pre-tax profit is expected to exceed CHF 130 million (H1-2020: CHF 58.4 million).
Swissquote reported strong results in 2020. Additionally, the company expanded its product offerings, during the last few months. In May 2021, Swissquote announced the launch of the banking app Yuh. The company partnered with PostFinance, the financial services unit of Swiss Post, for the launch.
The company is expecting strong performance this year due to a rapid increase in the numbers of new clients and inflows. The company saw a jump in trading activities across its cryptocurrency offerings due to a surge in demand for crypto trading. Currently, Swissquote is offering services in various financial products, including FX and crypto.
“The guidance for 2021 reported on March 18, 2021, will be significantly revised upwards as part of the publication of the half-year results on August 6, 2021,” Swissquote added in the official press release on 16 June.
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