Swissquote Group Holding SA (SWX:SQN), a leading provider of online financial services, today updated on its trading performance in 2020. The company has managed to beat expectations in terms of profits and revenues.
At the time of the publication of its figures for the first half of 2020, Swissquote announced a sharp upward revision of its forecast for the full year 2020, expecting to generate a pre-tax profit of CHF 100 million on revenues amounting to CHF 300 million.
Today, Swissquote said it managed to beat this forecast. With total net revenues surging to at least CHF 315 million and a pre-tax profit above CHF 105 million, the revised forecast figures were far exceeded. Thanks to strong client growth and organic net new money inflow of CHF 5.3 billion, client assets rose to an all-time high of CHF 39.8 billion.
Swissquote thus achieves the best result in its history and aims to continue growing its revenues and profit in 2021.
Swissquote’s full report for the 2020 financial year will be published on March 18, 2021.
Let’s recall that, in the first half of 2020, revenues at Swissquote were up 36% compared with the year-ago period, while profits more than doubled, up 123%. Swissquote said that it surpassed all expectations: 57,258 new clients accounts were opened, and net new money inflow was CHF 3.0 billion.
Trading volumes averaged $115 billion monthly at Swissquote during the first half of 2020.