Investors have been rushing to Swissquote’s trading platforms, as COVID-19 causes extreme market volatility. This was an announcement from the Swiss banking group in an update on Wednesday.
As seen across the industry, Swissquote said that the first months of 2020 saw a strong increase in trading activity. It also saw a massive inflow of new clients, driven by heightened volatility.
Consequently, the Swiss banking group has achieved a solid performance in the first half of this year. Its net revenues increased by more than 40 percent from the same period last year.
Moreover, pre-tax profit is higher by more than 120 percent on a yearly comparison.
For the first half of the year, the company now estimates that net revenues will be more than CHF 160 million. This is compared to the CHF 112.2 million recorded in the first half of 2019.
PBT to Reach CHF 56M at Swissquote
This represents a significant increase in the overall performance of the Switzerland-based company. Net revenues for the Swiss bank in H1 of 2019 was lower by 0.5 percent against the previous year. It had net revenues of CHF 112.8 million.
On the other hand, pre-tax profit is forecast to exceed CHF 56 million. This is more than twice the CHF 25.1 million profit in the first half of last year.
In H1 of 2019, operating revenues for the first half was CHF 117.2M. This was down by 0.7% from the CHF 118.0M net revenues achieved in the first half of 2018.
Swissquote said that the outlook for 2020 reported on 17 March anticipated Net revenues and profitability to increase by 10%. A revised outlook taking into account a more cautious second half-year 2020 will be provided. This is part of the publication of the half-year results on 11 August 2020.