In a recent announcement on Thursday, Swissquote revealed that it concluded the year 2023 with a remarkable financial performance, boasting record-breaking figures. The company reported a net revenue of approximately CHF 530 million for the year, representing a substantial 30% increase from the CHF 408 million recorded in 2022.
Despite challenging market conditions, Swissquote exceeded expectations by achieving a pre-tax profit of at least CHF 255 million, marking a notable 36.8% year-over-year increase. The company emphasized that the impressive financial results were achieved in the face of a demanding economic landscape.
At the close of the fiscal year, client assets on the platform soared to CHF 58 billion, underscoring the platform’s growing popularity among investors. Additionally, net new monies reached the counter value of CHF 5 billion, reflecting strong confidence and continued inflow of funds.
Swissquote Celebrates Record-Breaking Financial Performance in 2023
The first half of 2023 showcased the robust performance of Swissquote, with the broker reporting an operating profit of CHF 124.87 million—an increase of over CHF 34.2 million compared to the same period in 2022. The revenue for the first half reached CHF 265.6 million, indicating an impressive yearly growth of 32.8%.
A detailed analysis of the financial records for H1 highlighted the positive impact of an interest rate hike on Swissquote’s performance. Net interest income surged by a substantial 587.6% to CHF 102.7 million. The net profit for the six-month period reached CHF 106.5 million, marking a robust 38.2% increase.
The improvement in performance metrics between January and June was evident in the pre-tax profit margin, which rose to 47 % from 45.3%. The net profit margin also saw an improvement, increasing from 38.6% to 40.1%.
Moreover, Swissquote expanded its services in 2023 by venturing into digital banking products. The company launched two daily banking packages, both offering comprehensive daily banking services. Moreover, these packages include a multi-currency and crypto-friendly debit card issued by Mastercard, providing clients with versatile and innovative financial solutions.
Swissquote’s outstanding financial performance in 2023 and its strategic expansion into digital banking underscore the company’s resilience and commitment to meeting the evolving needs of its clients in a dynamic market environment.
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