Swissquote posted profit fell for the first half of 2022 by almost a quarter to $217 million compared to last year's result.
Online trading service provider Swissquote reported a decrease in the first semester of 2022’s revenue by almost a quarter from last year as client interest in crypto trading stagnated.
On the other hand, as of June 30, 2022, client assets totaled CHF51.8 billion, of which CHF9.3 billion was allocated in cash. With a capital ratio of 25.7 percent, Swissquote said it was well positioned to benefit from higher market interest rates.
Disappointing Results for H1 2022
Swissquote posted its operating income for the 6 months ended June 30, 2022, which amounted to 205 million Swiss francs ($217 million), down 23% from CHF266 million in 2021.
The western Swiss-based bank found its pre-tax profit of CHF90.7 million ($96.4 million), down from CHF134.6 million for the previous year.
Meanwhile, sector net income also slumped by CHF200.0 million, down 24.4% from CHF 264.4 million last year.
Net fee and commission income also fell 6.7% to CHF81.3 million (CHF 87.1 million). However, a sharp drop fell in net crypto asset revenue by 69.2%, to CHF 19.5 million from CHF 63.2 million last year. Net trading revenue also fell 28.0% to CHF30.7 million (CHF 42.6 million) and net eForex revenue fell 13.7% to CHF54.3 million (CHF 63.0 million).