Today, Swissquote reported its financial results for 2020.
The Switzerland-based online platform reported a significant revenue jump, net profit, and exceptional growth in the number of active clients.
Swissquote’s official results showed net revenue of CHF 317.3 million in 2020, a 37.6% jump compared to 2019.
Their net profit exceeded expectations and reached CHF 91 million, more than 100% compared to 2019.
The online broker also highlighted a significant rise in the total number of accounts as the broker added 50,626 accounts.
Now, Swissquote has more than 410,000 accounts, the highest level on record. In 2020, client assets also rose by 23.4% to reach CHF 39.8 billion.
2020 was an exceptional year for Swissquote. For the first time, they achieved fundamental and robust growth reporting over 400,000 client accounts.
Client assets rose to CHF 39.8 billion, supported by an organic net new money inflow of CHF 5.3 billion.
Net revenue increased by 37.6% compared to the previous year to 317.3 million. Pre-tax profit rose to CHF 105.6 million year-on-year, which was more than double the increase.
Swissquote highlighted its expansion in the European region. The broker is keen on the growing traders’ interest in its cryptocurrency offerings.
In 2021, the broker expects substantial revenue growth and net profits. They hope to record about 15% revenue growth and 25% pre-tax growth. Thanks to the high net new money inflow and positive trading activities since the beginning of the year.
They predict pre-tax profit and net revenues to CHF 130 million and CHF 365 million, respectively.
Now that they have already exceeded the initial medium-term targets for 2022, the broker aims to post further growth records.
Their target revenues for 2024 are a pre-tax profit of CHF 200 million and CHF 500 million.