Swiss online bank and FX brokerage Swissquote Group Holding SA (SWX:SQN) has today released its annual report for 2014 detailing its corporate performance statistics which were audited by Price Waterhouse Coopers and signed off for release on February 20.
2014 was a year in which Swissquote more than doubled its net profit, having reported a 101.8% increase from CHF 11,656,000 in 2013 to CHF23,521,000 in 2014, taking the company’s net profit margin up to 16.2% from 9.3% one year previous.
The figures represent the first full year of operations since Swissquote purchased compatriot online trading firm MIG Bank in mid-2013, and consolidated operations.
An interesting point to note is that whilst net profit accelerated rapidly, the number of client accounts held at Swissquote remained very similar during 2014 to the number held in 2013, with just a 2.6% increase to 221,922 accounts in 2014 compared with 216,357 in 2013. This clearly demonstrates a higher amount of trading activity among Swissquotes’s traders, as net revenue increased by 16.5% to CHF145.5 million compared to CHF124.8 million in 2013.
Thus, an exponentially higher net revenue compared with the relatively low increase in number of accounts.
The company’s operating profit soared by 112.4% to CHF28.2 million in 2014.
Share prices have remained relatively steady, with a 2014 high of CHF40.1 and a low of CHF28.00, finishing the year at CHF31.2 on December 31, 2014. In the previous year, the shares reached a high of CHF39.85 and a low of CHF27. completing the year at CHF39.15 on December 31, 2013.
To view the complete report from Swissquote, click here.