As trading activity increases, Switzerland-based online trading platform, Swissquote, predicts they will record satisfactory results during the first half of 2021.
Since the beginning of the year, Swissquote has managed to record a large inflow of new clients and new assets. The first months of 2021 have seen strong trading activity in Swissquote's main revenue segments, namely fees and commissions, Forex, and cryptocurrencies. Because of that, the Swiss broker foresees an inevitable high record as their mid-year results.
Swissquote Estimates Net Revenue of CHF 260 Million
Swissquote predicts a significant increase in net income and profit before tax for the first half of 2021.
Last year, the company posted net revenue of CHF 160.7 million during the first half. However, at the same time this year, Swissquote expects net revenue of CHF 260 million.
The Switzerland-based financial services provider counts total profit before tax will exceed CHF 130 million, compared to CHF 58.4 million in H1 2020.
Net revenue for the first half of 2021 is expected to be around CHF 260 million (H1-2020: CHF 160.7 million), while profit before tax assumes to exceed CHF 130 million compared to last year's CHF 58.4 million. The soaring number of new clients accompanied by hectic trading flows make Swissquote predict a strong increase.
In addition, over the past few months, the company expands its product offerings. Like in May 2021, Swissquote partnered with PostFinance in launching a banking application called Yuh.
Swissquote currently offers services across a wide range of popular financial products including Forex and crypto. The high trading activity on all cryptocurrencies assets also contributed to the surge in demand for crypto trading.