Swissquote Issues Profit Warning

Switzerland's biggest online bank issued a profit warning, attributing a lull in trading to a series of political uncertainties since the summer. It won't reach its earnings growth target of 10 percent for the full year.

Earnings will increase about 2.5 percent to 150 million francs this year, less than the 160 million it forecast in the report for the first half, Swissquote said in a statement today.

«A period of general uncertainty following the summer break led to a distinct fall in trading activity among clients,» Swissquote said today.

Brexit, Trump, Erdogan

The bank listed the decision by the U.K. to leave the European Union, the presidential elections in the U.S. and the political situation in Turkey as factors impacting trading volumes. The situation was exacerbated by similarly low levels of forex trading, it said.

Swissquote however managed to broaden its client base by 2,300 in the four months through October and increased assets under custody by 1 billion francs, the company said.

It will report full-year earnings on March 3, 2017.

WEB'S BEST

Top stories from across the globe

  • Asia Pacific's Top Six Credit Risks For 2017
  • The 5 Most Shocking News in 2016
  • Hazel Moore: Banks Are Completely Wasting Valuable Customer Data
  • Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
  • Former Goldman's Partner in Boutique Venture
  • Hong Kong and Singapore in Push for Fee Transparency
More

PHOTO GALLERIES

finews.asia Networking Event

finews.asia Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.