Swissquote Ends 2023 with “Record Numbers”: Pre-Tax Profit Jumps 37%

<p dir="ltr">Swissquote (SWX: SQN) announced today (Thursday) that it ended 2023 with “a set of record financial numbers.” According to the online broker headquartered in Switzerland, its net revenue for the year came in at about CHF 530 million, while it expects a pre-tax profit of at least CHF 255 million.</p><p dir="ltr">Record Numbers</p><p dir="ltr">The latest yearly revenue jumped about 30 percent <a href="https://www.financemagnates.com/forex/brokers/swissquote-sees-19-net-profit-decline-in-2022-bullish-with-2023-outlook/">from CHF 408 million in 2022</a>. The pre-tax profits also took an upward leap of 36.8 percent in a year.</p><p dir="ltr">“The better than anticipated pre-tax profit was achieved in challenging market conditions,” Swissqoted noted in the official announcement.</p><p dir="ltr">Furthermore, the Swiss broker revealed that the client assets on the platform reached CHF 58 billion at the end of the year. The net new monies reached the counter value of CHF 5 billion.</p><p dir="ltr">A Strong Year for Swissquote</p><p dir="ltr">The performance of <a href="https://www.financemagnates.com/tag/swissquote/">Swissquote </a>has been remarkable last year. In the first half of the year, the broker reported an operating profit of CHF 124.87 million, growing by more than CHF 34.2 million in the corresponding period of 2022. Its revenue for the period was CHF 265.6 million, a yearly increase of 32.8 percent.</p><p dir="ltr">The <a href="https://www.financemagnates.com/forex/swissquotes-net-revenue-and-client-assets-reach-record-heights-in-h1-2023/">detailed financial records of H1</a> revealed that the broker benefited from the interest rate hike as its net interest income jumped 587.6 percent to CHF 102.7 million. The net profit for the six months came in at CHF 106.5 million, which is 38.2 percent higher.</p><p dir="ltr">The improvement in the performance between January and June can be determined from the pre-tax profit margin, which increased to 47 percent from 45.3 percent. The net profit margin additionally improved from 38.6 percent to 40.1 percent.</p><p dir="ltr">Meanwhile, the Swiss broker, which operates locally with a banking license, expanded its services by <a href="https://www.financemagnates.com/forex/swissquote-expands-into-digital-banking/">launching digital banking products</a> last year with two daily banking packages. Both packages include comprehensive daily banking services, along with a multi-currency and crypto-friendly debit card issued by Mastercard.</p>

This article was written by Arnab Shome at www.financemagnates.com.