Swissquote Witnesses 13.6% Decrease in Net Revenue for Full Year 2022

Swissquote, Switzerland's market leader in online banking, today released its financial results for the full year 2022 ended December 31, 2022, seeing drops across several key metrics.

• Net revenues of Swissquote for the year amounted to CHF 408.04 million, decreasing 13.6% compared to CHF 472.47 million in the prior year.

• Operating revenues came in at CHF 414.6 million, falling 13.5% compared to CHF 479.6 million in 2021.

• Net fee and commission decreased by 7.6% from CHF 161.15 million to CHF 148.89 million.

• Net eForex income decreased by 14.3% from CHF 121.31 million to CHF 103.92 million due to lower volumes.

• Net crypto assets income was impacted significantly by the crypto market turmoil, declining 72.9% to CHF 27.70 million compared to CHF 102.08 million in 2021.

• Net profit totaled CHF 157.39 million, down 18.5% compared to CHF 193.11 million on a yearly basis. While the net profit margin stood at 38.6%, comparing to 40.9% in 2021.

• Pre-tax profit was CHF 186.39 million, falling 16.5% compared to CHF 223.34 million in the prior year. The pre-tax profit margin stood at 45.7%, comparing to 47.3% in 2021.

• New client accounts opened in 2022 reached 51,099, most of them are trading accounts, bring the total number of clients above the 500k threshold for the first time.

• The total number of accounts came in at 538,946 by the end of 2022, an increase of 10.5% on a YoY basis.