SIX Swiss Exchange has published its financial results for the first half of 2023. The company posted net profit of CHF 105.1 million, recording a 10.3% drop compared to the previous year.
However, operating income increased 2.6% to CHF 771.1 million during the first six months of the year.
SIX said:
Post-trading business made a particular contribution to this increase as a result of high volumes on the repo markets and the data business with successful contract wins. These positive developments more than compensated for lower income in the Banking Services business unit and declining stock exchange trading volumes, which had been higher in the previous year due to a sharp rise in volatility as a result of the outbreak of the war in Ukraine.
Operating result before interest, tax, depreciation and amortization (EBITDA) came in at CHF 225.6 million, up by 5.6% compared to the first half of 2022.
Earnings before interest and tax (EBIT) for the period consequently fell by 17.4% to CHF 133.3 million.
The Switzerland-based exchange remains positive given its results achieved in a “challenging market environment, dominated by inflation and rising interest rates”.
Jos Dijsselhof, CEO of SIX, commented:
With this increase in our operating income for the first half of the year, we are on track to achieve our medium-term target for annual turnover growth of four percent. Our well-diversified business model has thus proven successful again. Even in these challenging times, our services and innovations ensure access to the capital markets and the flow of information and money between financial market players in Switzerland and abroad.
