Swissquote revenues down 21% in 2H-2021, profits fall 34%
Following record results reported in the first half of the year, Switzerland based online brokerage and banking outfit Swissquote (SWX:SQN) has issued a brief statement regarding its financial results for the full year 2021, indicating that the company saw a significant drop-off in activity (and revenues and profits) during the second half of the year.
For the full year 2021, Swissquote said that it saw net revenues of CHF 472 million (USD $516 million), and a pre-tax profit of CHF 223 million. That computes to CHF 207.6 million in revenue and CHF 88.4 million in pre-tax profit for the second half of 2021 – down 21% and 34%, respectively, from CHF 263.5 million in revenue and CHF 134.6 million of pre-tax profit in 1H-2021.
Swissquote semi-annual results chart. 2H-2021 Net Profit is estimated, based on reported pre-tax profit.
Swissquote added that it saw net new money inflow of CHF 9.6 billion during the year, with CHF 4.9 billion of that in the first half of the year and the remainder (CHF 4.7 billion) in 2H-2021.
Client assets rose above CHF 55 billion at year end, up from CHF 50.2 billion as at June 30, 2021.
Swissquote, which yesterday announced that it is buying online broker Keytrade Bank Luxembourg, will provide more details of its 2021 results in mid March.