Leading online Swiss bank Swissquote Group Holding SA (SWX:SQN) has just announced an expected growth in earnings and profit of 15% for 2018 as a whole.
This forecast has now been achieved with total earnings of CHF214 million and expected with pre-tax profit of CHF53.5 million (+16% YoY). Swissquote thus presents the best annual result in its history.
As in 2017, there are two reasons for this sharp rise in earnings growth:
- significantly improved results in traditional business (Trading, Forex) and
- the continuing success of cryptocurrency trading.
Swissquote was the first European bank to offer cryptocurrency trading service on its platform back in July 2017, and to offer its clients the opportunity to participate in Initial Coin Offerings (ICOs).
The results do not yet include any figures from the Luxembourg-based Internaxx Bank, acquired on August 7, 2018. The acquisition must first be approved by the Luxembourg and European supervisory authorities, which should take place at the end of Q1, therefore affect the annual result for 2019.
The full report for the 2018 financial year will be published on March 8, 2019.