Swissquote Bank (SWX:SQN), a Swiss online financial and trading service provider, posted a 900% rise in its net profit for 2016, shows the annual financial report. According to the data, it stood at CHF 20.8 million. In comparison, in 2015 it was CHF 2.1 million.
The company’s net revenue in 2016 rose 2.5% and was CHF 150.2 million (CHF 146.6 million in 2015). The pre-tax profit, however, was lower – in 2016 it was CHF 23.2 million, while in 2015 it stood at 24.5 million.
The income from the eForex business of Swissquote, however, dropped 2.2% to CHF 52.8 million.
At the same time, the number of client accounts rose 30.9% year over year to 302 775, while the assets in custody increased 49% to CHF 17.9 billion.
Of them, the eForex accounts were 32 221, which is 22.8% more than in 2015. Forex client assets rose 7.4%.
In its statement Swissquote notes its overall business results for 2016 remain in line with the revised forecasts despite the challenging environment (Brexit, US elections, Turkey) and the negative SNB interest rates.
According to Swissquote the eForex business posted a substantial growth in 2016 and clients’ assets under custody are to be increased further over the next few years to ensure that trading volumes and income grow accordingly.
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.