Swissquote’s Operating Revenues Dip 23.1% YoY in H1 2022

Swissquote announced its financial results for the first half of 2022 (H1 2022) on Wednesday. In the reported period, the company witnessed a sharp dip in operating revenues as the figure reached CHF 204.8 million, which is 23.1% lower compared to the same period last year.

The company’s net revenues dropped 24.4% YoY in the first half of 2022 amid a challenging environment. Net trading income for the first half came in at CHF 30.7 million, which is down 28% compared to the same period last year.

Swissquote saw a significant drop in net crypto assets income as the number reached CHF 19.5 million, which is 69.2% lower compared to H1 2021. The company’s net eForex income took a hit of 13.7% YoY during the reported period.

“Despite an environment that was more challenging than initially expected, Swissquote continued to grow its overall customer base in the first half of 2022. The opening of around 34,200 new client accounts (of which some 8,000 non-organic) stands out as a positive development. The new accounts resulted in net new monies of CHF 5.0 billion (of which CHF 1.7 billion was non-organic). These numbers not only demonstrate that the level of customer interest remains solid but also show that the quality of the accounts remains high. In the first six months of 2022, most asset classes saw decreases in value, and crypto assets suffered in particular from a sharp correction,” Swissquote highlighted in a recent press release.

Crypto Exchange

The Switzerland-based financial trading services provider confirmed that the company will roll out its own crypto exchange by the end of September 2022. Swissquote is planning to position itself as a partner of choice for private as well as institutional clients.

Swissquote has expanded its services significantly in the past few months. Yesterday, the company announced the launch of the TWINT app as a payment solution for clients.