Switzerland’s largest online bank and with a subsidiary in Singapore has been able to boost its profit in the first half of 2020 thanks in no small part to the lockdown. But the bank remains cautious in its outlook for the full year.
Investors flooded the trading platform of Swissquote in recent months, driven by the extreme volatility on the stock exchange, according to an interim statement by the bank on Wednesday. It resulted in much higher trading activities and a massive surge in clients.
The net revenues of Swissquote in the first half increased more than 40 percent from a year earlier and may reach about 160 million Swiss francs ($168 million) by the end of this month. Pretax profit surged more than 120 percent and will amount to about 56 million francs in the first half.
Revision of Full-Year Outlook
Swissquote will revise the outlook for the full year given the dramatic change of its fortunes. In March, the company had said that revenues and profitability would increase by some 10 percent this year. The bank will present a revision of its full-year expectations in context with the detailed first-half result on August 11, taking into consideration a more cautious outlook for the second half.
