Swissquote reports rise in 2016 Revenues and Profit, Forex business declines

Swiss online banking and brokerage leader Swissquote Group Holding SA (SWX:SQN) has announced its results for 2016, indicating a nice rise in both Revenues and profitability. All areas of Swissquote contributed to the increase, except the company’s eForex business which saw slightly lower trading volumes, although margins did increase along with eForex customer assets.

Forex trading volumes at Swissquote totaled $807.3 billion for the year, or a monthly average volume of $67 billion, down 8% from 2015’s $73 billion. However activity was much higher in the second half of 2016 at Swissquote, $72 billion monthly versus just $62 billion in the first half.

Overall, Swissquote brought in Revenues of CHF 150.2 million in 2016 (versus 146.6 million in 2015), with Net Profit of CHF 20.8 million as compared to just 2.1 million the previous year.

Swissquote’s eForex business had Revenues of CHF 52.8 million in 2016, down 2% from 54.0 million in 2015. The company did, however, grow its customer base reporting 32,221 eForex customer accounts by year end, up 23% from the previous year. eForex Client Assets increased 7% to CHF 226.1 million.

More on Swissquote’s 2016 results can be seen on the company’s website here.

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