Swissquote Reports H1 2024 Results: 19%YoY Increase in Net Revenues

Swissquote, a leading forex broker in Switzerland, released its financial report for the first half of 2024 (H1 2024), showing impressive growth in key performance metrics combined with improved profitability.

Swissquote reported net revenues of CHF 316.9 million, up 19.3% year-on-year (YoY), pre-tax profit of CHF 169.7 million, 35.9% higher than the previous year’s figure, and net new money of CHF 3.8 billion, a rise of 26.5% YoY.

Newly added accounts for H1 2024 amounted to 36,351, representing a significant increase of 122.7%. Client assets also saw significant growth, reaching CHF 68.0 billion, up 19.6% YoY. 

The company benefited from growth in net interest income due to high interest rates and increased cash deposits. Trading activity improved, with transactions increasing by 21.9%. However, net eForex income declined by 14.2% due to lower market volatility.

Total expenses increased by 6.3% to CHF 147.1 million. The profit margin before tax increased to 53.5% and the net profit margin to 45.6%.

Swissquote is well capitalized, with a total equity of CHF 1.0 billion, up 10.7%. The capital ratio was 25.9%, well above the regulatory limit.