Switzerland-based online trading platform Swissquote revealed record results for the first half of 2021, surpassing its initial forecast.
Following the trend from 2020 Swissquote reported net revenues of CHF 264.4 million and a pre-tax profit of CHF 134.6 million in H1 2021.
The platform recorded a 64.5% increase in net profit, compared to the same period last year, and 130.4% jump in pre-tax profit, driven by strong client and asset growth.
In the first six months of the year, 49,552 new client opened accounts net new money inflow was CHF 4.9 billion. Swissquote noted that 40 of this organic growth was achieved with international customers. As of 30 June 2021, client assets stood at a record CHF 50.2 billion, up by 50%.
The company has adjusted its expectations of the full year, now targeting CHF 465 million in net revenues and CHF 210 million in pre-tax profit, which was initially CHF 130 million.
Swissquote continued to expand its crypto-asset offering for retail and institutional customers. The company has over 20 cryptocurrencies and CHF 1.9 billion in crypto-assets under its custody.
Switzerland recently made a step towards increasing legal certainty in crypto. On 1 August the new Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology came in effect.
In May, Swissquote and PostFinance launched Yuh and two months after that the new digital app reached the 20,000-active customer mark.
