Swissquote posts impressive 204.6% H1 2016 net profit growth, YoY

Swissquote posts impressive 204.6% H1 2016 net profit growth, YoY


Swissquote Bank (SWX:SQN), a Swiss online financial and trading service provider, released its financial report for the first half of H1, showing strong results in most metrics and an impressive 204.6% rise in its net profits of CHF 11.1 million, year-on-year. In contrast, in H1 2015 Swissquote had a loss of CHF 10.6 million.

Those results, logically, can be explained with the disastrous effect of the unpegging of the Swiss franc from the Euro which happened in January 2015 and caused a 91% loss in profit for Swissquote.

swissquote profit
Source: Swissquote

When compared to the second half of 2015, the net profits of Swissquote rose barely 3.8%.

The total number of client accounts as of June 30, 2016, was 300 691, or 32.3% more than last June. Over the quarter the increase is almost equal – 30%.

Of them 237 261 were trading accounts and they posted the most significant increase over the year (39.8%), followed by the eForex accounts, whose numbers rose by 19.4%, to 28 769. The saving accounts were 33’222 and the ePrivate banking accounts were 1 439.

As of the end of June, Swissquote held in custody a total of a little over CHF 16 billion, which is 39.3% more than in H1 2015 and 33.9% more than in the second half of last year. Of the total, the eForex assets were nearly CHF 197 million, or 3.7% more than in the first six months of 2015. over the quarter however, they dropped 6.5%. The average assets per account stood around CHF 63 000.

The total net new monies in the first six months of 2016 were CHF 5.2 billion, which is a rather significant increase of 799.1% over the year and 705.9% rise over the quarter.

swissquote new monies
Source: Swissquote

Against the background of the overall very good performance, however, the eForex volume dropped by 23.9% from the first half of last year, to USD 373.1 billion, and 2.7% from H2 2015. The eForex income, however rose 2.6% from the previous half year to CHF 28 million.

Swissquote Bank provides online trading, analysis, and financial and information services. The Swissquote Group is headquartered in Switzerland and holds a bank license issued by the Swiss Financial Market Supervisory Authority (FINMA). The company has more than 200,000 retail and institutional clients serviced through its offices in Dubai, London, Malta and Hong Kong.

Swissquote Bank has 63 currency pairs in its product portfolio. For trading the bank offers mini, standard, and premium accounts and three trading platforms – the industry leader MetaTrader 4 (MT4), as well as FXBook and Advanced Trader.

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