Swissquote outweighs Swiss franc spike hit, reports 2015 net profit of CHF 2.1 million

Leading Swiss provider of online financial and trading services Swissquote Group Holding SA (SWX:SQN) has earlier today published its annual report for 2015, with the company managing to outweigh the negative impact of Swiss franc events that pushed it into a loss in the first half of 2015.

Swissquote ended 2015 with a net profit of CHF 2.1 million, which means that the second half of the year was exceptionally strong for the broker, especially if we consider that the first half saw a loss of CHF 10.6 million. The numbers are affected by an extraordinary provision of CHF 25 million (announced in January 2015) due to “Black Thursday” events, with the provision reduced to CHF 18.4 million in the second half of 2015.

The return to the profit zone was not single positive bit of news that Swissquote announced today regarding its financial results. The company set records in terms of net revenues, client growth, assets under custody, and net new monies.

  • Operating revenues rose 4.2% year on year to CHF 151.6 million, whereas net revenues reached CHF 146.6 million.
  • Net fee & commission income rose 5.9% year on year to CHF 66.6 million.
  • eForex income was broadly unchanged from 2014 levels at CHF 54 million. The eForex volumes, however, fell 13.9% to $873.6 billion due to reduction of higher-risk client relationships. At the same time, the number of eForex accounts grew 18.4% year on year to 26,246.
  • The total number of accounts increased 4.2% to 231,327.
  • Assets under custody rose 3.7% year on year to CHF 11.992 billion, whereas net new monies registered a year-on-year growth of 13.6% and reached CHF 1.228 billion.

The company struck an upbeat note regarding its 2016 performance, based on solid performance in 2015 and on technological developments, such as the launch of applications for Apple Watch and Apple TV.

You can view the full report by clicking here.

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