Swissquote has announced its final financial results for 2023, showcasing an exceptional year marked by significant growth and milestone achievements. Despite facing economic headwinds, the leading provider of online financial services reported record revenues, profits, and client assets, solidifying its position as a frontrunner in the industry.
In 2023, Swissquote recorded net revenues of CHF 531.4 million (approximately USD $604 million), representing a remarkable 30.2% increase compared to the previous year. This growth was due to diversified revenue streams, with non-transaction-based revenues surpassing transaction-based revenues for the first time. International clients contributed significantly to Swissquote’s revenue, accounting for 51% of net revenues.
Swissquote Reports Record-Breaking 2023 Results and Expansion Plans
The company’s pre-tax profit surged to CHF 255.4 million, marking a substantial 37.0% increase from the previous year. The pre-tax profit margin grew to an impressive 48.1%, reflecting Swissquote’s operational efficiency and effective cost management strategies.
Client assets reached an all-time high of CHF 58.0 billion, driven by a net new money inflow of CHF 5.0 billion and positive market impacts. Swissquote’s total balance sheet assets amounted to CHF 10.0 billion, underscoring its solid financial footing and prudent balance sheet management.
Throughout 2023, Swissquote witnessed a robust increase in eForex trading volumes, averaging $123 billion monthly, and continued expansion in international markets. The acquisition of Optimatrade Investment Partners (Pty) Ltd further reinforced Swissquote’s global presence and growth trajectory.
In addition, Swissquote’s joint venture, Yuh, experienced significant growth, attracting close to 200,000 customers and increasing client assets to CHF 1.4 billion. Despite a negative pre-tax profit contribution in 2023, Yuh is expected to make strides towards profitability in the coming years.
Looking ahead, Swissquote aims to sustain its growth momentum, targeting net revenues of CHF 595 million and a pre-tax profit of CHF 300 million for 2024. The company remains committed to its medium-term objective of achieving a pre-tax profit of CHF 350 million by 2025, supported by its strong equity position and strategic initiatives.
As Swissquote continues to prioritize sustainability and innovation, its record-breaking performance in 2023 sets a solid foundation for future growth and value creation, reaffirming its position as a leader in the global financial services landscape.
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