Swissquote Group Holdings S.A. a leading Swiss banking group revealed positive business performance during the first half of 2020 as per its latest announcement. According to a statement released by the firm, its trading platform saw a huge influx of investors given the extremely volatile nature of the market in the recent past.
As the year so far saw several major upheavals from global COVID-19 outbreak to the renewal of sino-u.s tensions despite positive developments at the start of the year, financial markets this year have experienced a strong volatile price momentum.
This resulted in increased trading activity for Swissquote along with a huge influx of new clientele. While the general global economy may have been rocky, a high volume of trading activity helped the firm rake in an impressive amount of revenue & profit.
The first half of 2020 points to a 40% increase in net revenue with pre-tax profit seeing a spike worth more than 120% compared to the same period last year. According to data, net revenues for the firm are estimated to stand above CHF 160 Million while the pre-tax profit exceeds CHF 56 Million. Net revenue and pre-tax profit for the same period last year stood at CHF 112.2 Million and CHF 25.1 Million respectively. The statement also revised its performance outlook for 2020 yet again.
While the outlook release on 17th March 2020 anticipated net revenues and profitability to rise by 10% for the year, the firm has mentioned that it is now pricing in the possibility of more prudent activity in the second half of the year and plans to provide an updated outlook projection during the release of half-year results currently scheduled to go live on 11th August 2020.
Swissquote is currently one of the leading players in the global online financial services market and offers innovative product solutions and tools which meet a wide range of investor needs and demands in today’s digitalized world. The firm is also renowned for its user-friendly platforms and solutions specializing in forex, Robo-Advisory, and eMortgage. The bank also offers low-cost service for private clients and more specialized services for independent asset managers and corporate clients. Swissquote Bank Ltd holds a banking license issued by FINMA – the supervisory body in Switzerland and is a member of the Swiss bankers association. The parent firm’s stock is listed on Swiss Stock Exchange SIX under symbol – SQN.
