- Revenue jumps by 64.5% when compared to first half of 2020.
- A substantial jump in revenues and pre-tax profits for Swissquote.
- Broker now targeting CHF 465 million in revenue for 2021.
The forex broker Swissquote posted a remarkable increase in revenue as well as net profit for the first six months of 2021. In fact, revenue was in at CHF 264 million for the first half of this year. This represents a huge jump of 64.5% when compared to the same period last year.
The Swiss broking giant also reported excellent numbers for pre-tax profits and net revenues. The data came from a press release issued by the company. The finserv provider is now targeting an impressive figure of CHF 465 million for the full year.
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Forex Broker Swissquote Not Resting On Its Laurels With-Profits Also Surging
The forex and crypto broker Swissquote also posted an impressive increase in pre-tax profit for the first half of 2021. This came in at CHF 134.6 million which is a huge 130% higher than the same period in 2020. The forex broker is now expecting a pre-tax profit of around CHF 210 million for the whole of 2021.
Swissquote was understandably, quite bullish on these excellent results.
“The net new money inflow hit a new record and came in at CHF 4.9 billion (H1 2020: CHF 3.0 billion). More than 40 percent of this purely organic growth was achieved with international customers. With the combination of positive markets, client assets grew by 50 percent to CHF 50.2 billion (CHF 33.5 billion)”.
“At the same time, the average deposit per customer continued to increase to CHF 109,265 (+29.3 percent) confirming Swissquote’s position as a partner of choice for mass affluent customers,” an official statement by Swissquote read.
Swissquote Expands In The Crypto Market and Digital App Trading
The Swiss based forex and crypto broker also highlighted its considerable expansion into the crypto market with its substantial product offering in this field. The company has a substantial CHF 1.9 billion worth of crypto assets under its custody.“In the field of crypto-assets, Swissquote continued to enlarge its offering for retail and institutional customers. With more than 20 cryptocurrencies and CHF 1.9 billion in crypto-assets under custody, Swissquote is the bank with the most comprehensive offering in Switzerland and in Europe”, the broker added.
The forex and crypto broker also mentioned that on 1 August 2021, the new Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology (DLT Act) fully entered into force in Switzerland. This law should increase legal certainty and also makes Switzerland a pioneer country in the field of crypto-assets and blockchain technology.
Earlier in 2021 Swissquote announced the launch of a collaborative digital banking app Yuh. The broker is certainly not resting on its laurels.
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Gerald Fenech
