Swissquote’s income skyrockets as CHF 9.6 billion is flooded in 2021 – FinanceFeeds

The Swissquote Group, the Swiss provider of online trading services, more than doubled its net profit in 2021 thanks to the predominantly positive market environment.

The online bank reported its operating income for the 12 month period ended December 31.

The bank, headquartered in Gland, western Switzerland, reported a record profit of 223 million Swiss francs (245 million US dollars) before taxes for the year. This value was significantly higher than in the previous year of CHF 105.6 million.

Swissquote said it had exceeded its initial forecast, which had already been raised in August from CHF 365 million to CHF 465 million in sales. In addition, the bank increased its pre-tax profit target from the original CHF 130 million to CHF 210 million.

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Swissquote expands crypto offering

Driven by strong customer and asset growth as well as a favorable market environment, the bank said trading volumes were strong across all lines of business and asset classes in 2021. These results were also driven by a higher organic net new money inflow of CHF 9.6 billion. Client assets also rose to over CHF 55 billion.

Swissquote would like to advance further into the digital asset arena with the introduction of its own cryptocurrency trading platform.

Jan De Schepper, Chief Sales and Marketing Officer at Swissquote, said last month that he expects the crypto exchange to be up and running before June 2002. To further sweeten the offer, the largest Swiss online bank plans to add stablecoins and staking services, which are currently in high demand, to the list of cryptocurrency offers.

The new service combines Swissquote’s expertise as a provider of online trading services with the security of digital assets to offer a custody service to investment houses looking to gain exposure to the fast-moving asset class.

The brokerage company already enables its customers to trade CFDs on 24 cryptocurrencies: Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Chainlink, Ethereum Classic, EOS, Stellar, Tezos, Augur, Ox, Cardano, Uniswap, Aave, Cosmos, Algorand, Filecoin, Maker, Compound, year.finance, Dogecoin, Polkadot and Solana.

Swissquote’s crypto offering competes against local players like Dukascopy, which has its own cryptocurrency, enables customers to deposit and withdraw funds in digital coins, and enable free internal crypto transfers between mobile banking users.


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