In its 2017 interim report, Swissquote expected to double its strong first-half results for the full year. Now that Swissquote 2017 Financial Year has ended, the Swiss online bank shared its profit expectations over last year.
12 January, Swissquote – Swiss online banking and banking services provider, Swissquote Group Holding has stated that it will increase the results for the second half of 2017. The increasing growth bears testimony to the success of the online bank.
Profit Expectations of Swissquote 2017 Financial year
In its interim financial report, Swissquote stated that it expected to double its extremely strong first-half results for the full year. This estimate has now been revised upwards, with total earnings now expected to amount to CHF 186 million, approximately CHF 8 million above the previous forecast. Pre-tax profit totals around CHF 45 million.
There are two reasons for this sharp rise in earnings growth: firstly, significantly improved results in the traditional business (Trading, eForex); and secondly, cryptocurrency trading, after Swissquote became the first European online bank to launch such an offering in early July. Strong interest in cryptocurrency trading led to a flood of new account openings.
Several thousand account opening applications are currently being submitted every week, each of which Swissquote, as a licensed bank, must review in accordance with banking standards. This takes time and is causing some delays in opening accounts. Swissquote is working extremely hard to clear the backlog.
The full report for the 2017 financial year will be published on 2 March 2018.
This article 2018 Swissquote Profit Expectations Double was written by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.
This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.