Swissquote's Net Revenue Hits New Record for H1 2023

Swissquote, Switzerland's market leader in online banking, published its financial results for the first half of 2023 (H1 2023), registering a record-high in net revenue during the period.

Financial Overviews for H1 2023:

• Net revenue for the six months ended June 30, 2023 totaled CHF 265.6 million, an increase of 32.8% compared to CHF 200.0 million in the same period of last year. More specifically, compared to metrics in H1 2022, net interest income jumped by 587.6% from CHF 14.9 million in H1 2022 to CHF 102.7 million, net fee & commission income (excl.crypto) dropped by 9.3% from CHF 81.3 million to CHF 73.7 million, net crypto assets income dropped by 61.5% from CHF 19.4 million to CHF 7.5 million, net eForex income slightly rose by 1.1% from CHF 54.3 million to CHF 54.9 million, and net trading income dropped by 10.8% from CHF 30.0 million to CHF 26.7 million.

• Total expenses for the period came in at CHF 138.3 million, increasing by 30.0% compared to CHF 106.4 million in the first half of 2022.

• Pre-tax profit reached CHF 124.9 million, rising by 37.7% compared to CHF 90.7 million in H1 2022. Pre-tax profit margin increased from 45.3% to 47.0% on a YoY basis.

• Net profit was CHF 106.5 million, 38.2% higher than CHF 77.1 million in the same period of last year. Net profit margin increased from 38.6% to 40.1% on a YoY basis.

• Total headcount during the six months increased by 5.1% from 1,050 to 1,110, positions in technology and at foreign subsidiaries were the main contributors to the growth.

• Over the past 12 months, the number of clients accounts grew by 6.4% to 555,266. Client assets grew by 9.9% to CHF 56.9 million, hitting a record high. As of June 30, 2023, the portion of cash in client assets stood at 16.6%.

• Net new money decreased by 39.9% to CHF 3.0 billion on a YoY basis.

• Total equity increased by 6.8% to CHF 791.6 million on a YoY basis.

• As of June 30, 2023, the capital ratio remained stable at 25.5 % compared to 24.8% at the end of last year.