Swissquote Ends 2022 with CHF 185M Pre-Tax Profits

by admin
0 comment

Swissquote has closed 2022 with a revenue of more than CHF 400 million and a pre-tax profit of at least CHF 185 million, the company confirmed in an announcement on Thursday. The figures are in line with the guidance provided by the Swiss firm last August.

However, both financial parameters dropped significantly from the online broker’s record numbers in 2021, when the annual net revenue was CHF 472 million, and the pre-tax profit was CHF 223 million. It puts the latest revenue and pre-tax profits lower by over 15 percent and 17 percent, respectively.

“The diversified sources of revenues and a higher share of non-transaction based revenues have enabled Swissquote to navigate safely in a difficult market environment,” Swissquote highlighted.

Swissquote’s revenue for both halves of the year looks similar, as earlier it reported generating net revenue of CHF 200 million, which dropped by 24.4 percent from the comparable period of the previous year. Its net trading income for the first six months came in at CHF 30.7 million, down by 28 percent compared to the same period last year.

The client assets on the Swiss online trading platform reached CHF 52.2 billion by the end of December 2022, which came down from CHF 55 billion in 2021, but was higher than 2021’s CHF 39.8 billion. There was also an inflow of CHF 7.7 billion new movies on the platform last year, with which it is expecting to compensate “part of the negative market impact.”

Check out the latest FMLS session on “All-Star Roundtable: Mixed Trends” in which the CEO of Swissquotes Bank, Marc Bürki, was a panelist.

Many Developments in Swissquote

Swissquote also expanded last year, both geographically and with its products. It obtained a Cyprus Investment Firm (CIF) license last year to boost its presence in the European Economic Area (EEA) member, and also gained access to the Dubai Financial Market (DFM), a stock exchange based in the United Arab Emirates. Last year, it also launched a cryptocurrency exchange to compete directly with other local competitors.

Meanwhile, the Swiss company faced cyber threats last year with “a massive DDoS attack” on its platform in November. Though it impacted the accessibility to the website, the platform did not suffer any significant outages.

Swissquote has closed 2022 with a revenue of more than CHF 400 million and a pre-tax profit of at least CHF 185 million, the company confirmed in an announcement on Thursday. The figures are in line with the guidance provided by the Swiss firm last August.

However, both financial parameters dropped significantly from the online broker’s record numbers in 2021, when the annual net revenue was CHF 472 million, and the pre-tax profit was CHF 223 million. It puts the latest revenue and pre-tax profits lower by over 15 percent and 17 percent, respectively.

“The diversified sources of revenues and a higher share of non-transaction based revenues have enabled Swissquote to navigate safely in a difficult market environment,” Swissquote highlighted.

Swissquote’s revenue for both halves of the year looks similar, as earlier it reported generating net revenue of CHF 200 million, which dropped by 24.4 percent from the comparable period of the previous year. Its net trading income for the first six months came in at CHF 30.7 million, down by 28 percent compared to the same period last year.

The client assets on the Swiss online trading platform reached CHF 52.2 billion by the end of December 2022, which came down from CHF 55 billion in 2021, but was higher than 2021’s CHF 39.8 billion. There was also an inflow of CHF 7.7 billion new movies on the platform last year, with which it is expecting to compensate “part of the negative market impact.”

Check out the latest FMLS session on “All-Star Roundtable: Mixed Trends” in which the CEO of Swissquotes Bank, Marc Bürki, was a panelist.

Many Developments in Swissquote

Swissquote also expanded last year, both geographically and with its products. It obtained a Cyprus Investment Firm (CIF) license last year to boost its presence in the European Economic Area (EEA) member, and also gained access to the Dubai Financial Market (DFM), a stock exchange based in the United Arab Emirates. Last year, it also launched a cryptocurrency exchange to compete directly with other local competitors.

Meanwhile, the Swiss company faced cyber threats last year with “a massive DDoS attack” on its platform in November. Though it impacted the accessibility to the website, the platform did not suffer any significant outages.

Source link

Related Posts

Leave a Comment