Swissquote, Switzerland’s market leader in online banking, today announced a set of record financial numbers for 2023.
Net revenues amounted approximately to CHF 530 million for 2023.
Pre-tax profit is expected to be at least CHF 255 million.
Client assets reached CHF 58 billion as of 31 December 2023.
The better than anticipated pre-tax profit was achieved in challenging market conditions. Net new monies reached the counter value of CHF 5 billion in 2023.
The full report for the 2023 financial year will be published on 14 March 2024.
Let’s recall that, in the first half of 2023, Swissquote’s net revenues reached CHF 265.6 million, an increase of 32.8% compared to the year-ago period. Non-transaction-based revenues (e.g. net interest income and custody fees) were the main contributors to the growth. In a context of low market volatility, these non- transaction-based revenues surpassed the level of transaction-based revenues (e.g. brokerage in- come) for the first time.
Net interest income grew significantly by 587.6% to CHF 102.7 million thanks to a higher interest rate environment.
During the first six months of 2023, net profit grew by 38.2% to CHF 106.5 million. The pre-tax profit margin increased to 47.0% from 45.3% compared to the year-ago period. The net profit margin went up to 40.1% from 38.6%.
