Swissquote Announces 2023 Record Results, with Revenue Up 30% and Pre-Tax Profit Up 37%

Swissquote announced on Thursday that it ended 2023 with “a set of record financial numbers.” According to the Switzerland-based online broker, it reported full-year net income of around CHF 530 million and expected pre-tax profits of at least CHF 255 million.

The latest annual revenues represent an increase of approximately 30% from CHF 408 million in 2022. Profit before tax also increased by 36.8% in a year.

“The better than anticipated pre-tax profit was achieved in challenging market conditions,” Swissqoted noted in the official announcement.

In addition, the Swiss broker revealed that client assets on the platform amounted to CHF 58 billion at the 2023 end. The net new monies reached the counter value of CHF 5 billion.

Swissquote's performance last year was noteworthy. In the first half of the year, the broker reported an operating profit of CHF 124.87 million, up CHF 34.2 million from the same period in 2022. Revenue for the period was CHF 265.6 million, up 32.8% year-on-year (YoY).

Detailed financial records for the first half of the year showed that the broker benefited from an increase in interest rates and its net interest income jumped 587.6% to CHF 102.7 million. Net profit for the six months was up 38.2% to CHF 106.5 million.

The pre-tax profit margin rose from 45.3% to 47%, reflecting improved performance in the period from January to June. The net profit margin also improved from 38.6% to 40.1%.

Meanwhile, the Swiss broker, which has a local banking license, expanded its services with the launch of digital banking products last year with two daily banking packages. The two packages include a full range of daily banking services, as well as multi-currency and crypto-friendly debit cards issued by MasterCard.

(Source: Finance Magnates)