Swissquote Expects Over 10% Growth in 2020 Net Revenues in Profits

Swissquote has published its financial results for its 2019 financial year this Tuesday, revealing a steady increase in revenues and profits, as well as a stronger outlook for the 2020 financial year, buoyed by current market volatility.

The Swiss banking company previously revealed its unaudited financial results back in January of this year. As Finance Magnates reported, the firm managed to exceed its profit forecast for 2019.

Today, the firm revealed that net revenues rose by 7.5 percent year-on-year to CHF 230.6 million. At CHF 44.7 million, net profit was higher than in the previous year despite significantly higher personnel expenses and depreciation.

2020 outlook buoyed by Coronavirus

As Finance Magnates has reported extensively, the first quarter of 2020 has seen a return of volatility to the financial markets. Because of this, Swissquote is anticipating further growth in net revenues and profit of more than 10 percent.

“A more precise outlook is however difficult given current market uncertainties. Swissquote is also experiencing a massive demand in account opening. Several thousand applications are received each week since the beginning of the year. Those requests must be checked in accordance with legal and regulatory standards, which takes time. This explains the current delays in account openings. Swissquote is working hard to clear the backlog,” the Swiss firm said today.

Swissquote expands into Europe and Asia

In addition to giving an update on its financial performance, Swissquote also revealed that during 2019 it executed a successful expansion in Europe and Asia. Namely, the company reached two important milestones in its strategy - the takeover of the Luxembourg-based Internaxx Bank S.A., which is being integrated into the Swissquote Group under the name Swissquote Bank Europe S.A.

The second milestone was being issued a Capital Market Service License (CMSL) by the Monetary Authority of Singapore (MAS) to its subsidiary Swissquote Pte. Ltd. According to the report, the first asset managers and institutional clients have already been acquired.

BNP Paribas joins Swiss DOTS

In the month of November, Swissquote announced that it would be expanding its offering on the over the counter (OTC) Trading Platform Swiss DOTS, by adding around 10,000 leveraged products from BNP Paribas.

Not only that, but the Swiss company will also be adding a range of new Cryptocurrencies . In particular, investors can now trade seven new cryptocurrencies - EOS (EOS), Stellar (XLM), Chainlink (LINK), Tezos (XTZ), Ethereum Classic (ETC), Augur (REP) and 0x (ZRX), bringing the total number of cryptos available to trade up to 12.

“Furthermore, since the end of March 2019 it has been possible to transfer cryptocurrencies from an external wallet to a Swissquote account, and vice versa. Swissquote therefore offers a secure and technologically fully integrated trading platform as well as acting as a secure Swiss custodian for cryptocurrencies for private and institutional investors,” the company said in the statement.

The Swiss banking company previously revealed its unaudited financial results back in January of this year. As Finance Magnates reported, the firm managed to exceed its profit forecast for 2019.