Swissquote Reports Record Revenues in 2020
Swissquote, a Switzerland-based online trading platform, today announced its financial results for 2020. The company reported a significant jump in net revenues and net profit along with exceptional growth in the number of active clients.
According to the official results, Swissquote saw net revenues of CHF 317.3 million in 2020, a 37.6% jump compared to 2019. Net profit exceeded the expectations and reached CHF 91 million, up more than 100% compared to 2019.
The broker also highlighted a significant jump in the total number of accounts as the company added 50,636 accounts. Swissquote now has more than 410,000 accounts, the highest level on record. Client assets also jumped by 23.4% in 2020 and reached CHF 39.8 billion.
“2020 was an exceptional year in a large number of respects. Swissquote achieved strong and fundamental growth and can for the first time report over 400,000 client accounts. Client assets rose to a record CHF 39.8 billion on the back of an organic net new money inflow of CHF 5.3 billion. Net revenues rose by 37.6 percent compared with the previous year to CHF 317.3 million, while pre-tax profit more than doubled year-on-year to CHF 105.6 million,” Swissquote mentioned in the official announcement.
Swissquote highlighted the company’s expansion in the European region. The broker also mentioned the growing interest of traders in its cryptocurrency offerings. For 2021, the company is expecting substantial growth in revenues and net profit. “For 2021, Swissquote is expecting to record about 15 percent growth in revenues and 23 percent growth in pre-tax profit thanks to high net new money inflow and positive trading activity since the beginning of the year. Net revenues and pre-tax profit are predicted to come in at CHF 365 million and CHF 130 million respectively. Now that the initial medium-term targets for 2022 have been exceeded two years early, Swissquote aims to post further growth records: for 2024 it is targeting revenues of CHF 500 million and pre-tax profit of CHF 200 million,” Swissquote added.
Finance Magnates reported in December 2020 about the partnership between Tesla and Swissquote for the launch of car leasing.
Source: Read Full Article