Swissquote listed record-breaking results for the 2021 business year and saw a 64.5% increase in net revenues.
August 6, 2021, | AtoZ Markets – Swissquote, a Switzerland-based banking group on Friday released record results for the first half of 2021, surpassing its initial expectations.
Following the trend from 2020 Swissquote reported net revenues of CHF 264.4 million and a pre-tax profit of CHF 134.6 million in H1 2021.
Swissquote now targeting CHF 465 million in net revenues
The platform recorded a 64.5% rise in net profit, compared to the same period last year, and a 130.4% jump in pre-tax profit, driven by strong client and asset growth.
In the first six months of the year, 49,552 new clients opened accounts net new money inflow was CHF 4.9 billion. Swissquote noted that 40 of this organic growth was achieved with international customers. As of 30 June 2021, client assets stood at a record CHF 50.2 billion, up by 50%.
The company has adjusted its expectations for the full year, now targeting CHF 465 million in net revenues and CHF 210 million in pre-tax profit, which was initially CHF 130 million.
Swissquote continued to expand its crypto-asset offering for retail and institutional customers. The company has over 20 cryptocurrencies and CHF 1.9 billion in crypto-assets under its custody.
Switzerland recently made a step towards increasing legal certainty in crypto. On 1 August the new Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology came into effect.
In May, Swissquote and PostFinance launched the digital banking app Yuh, and two months after that the new digital app reached the 20,000-active customer mark.