Swissquote reported 1st half of 2015 Results 

Swissquote issued a press release to inform for the Results of the 1st half of 2015

– Net revenues increased by 5.2% year-on-year to CHF 74.0 million.
– Pre-tax profit decreased by 11.1% to CHF 11.7 million
– Loss of CHF 10.6 million. First half year report not to present a net profit.
– Loss is attributable to the extraordinary provisions created to cover the negative balances incurred by clients followed the SNB decision on Euro.
– For the year as whole, Swissquote expecting to see an increase in net revenues.

Solid, diversified revenue structure

– Total revenues rose by 5.2%
– Net fee & commission income increased by 8.5% to CHF 33.6 million.
– Net eForex income increased by 43.0% to CHF 9.1 million
– Net interest income was down by 19.2% to CHF 5.8 million
– The cost to Swissquote of the SNB’s interest rate policy is approximately CHF 4 million p.a.

Net profit impacted by provisions

– Operating Expenses were 8.9% higher due in particular in increase of marketing cost.
– Pre tax profit was down to 11.1% at CHF 11.7 million. Pre tax profit margin was 15.8%.
– Total equity was down only marginally to CHF 255.8 million and the core capital ratio (Tier 1) was just slightly lower at 22.5%

8000 new accounts and high influx of net new monies

– Total numbers of accounts rose by 3.7% to 227.223.
– Asset under custody rose by 6.4% to CHF 11.526 billion.
– New net monies increased by 27.1 to CHF 580.2 million.

Outlook for the full year

Swissquote is expecting to see a positive net profit, net revenue growth in the region of 10% and net new monies in excess of CHF 1 billion for full 2015.

For Full Results: Swissquote 1st half of 2015 Results

Source: Swissquote

 

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