Swissquote almost doubled its profit in 2017, helped by robo advisory, derivatives trading and cryptocurrencies. Shareholders will get a fair share of the profit as a dividend.
The Gland-based online bank increased net income by 89 percent to 39.2 million Swiss francs, according to a statement released on Friday. Assets under management rose 30 percent to 24.1 billion francs.
Swissquote expects net income and revenues to increase by about 10 percent in 2018.
The bank said that ePrivate Banking, the robo adviser, as well as trading with derivatives and cryptocurrencies contributed to the pleasing result.
Higher Dividend Payment
Net new money totaled 2.7 billion francs in 2017. Assets on trading accounts amounted to 23 billion at the end of 2017 (up 32 percent). The number of accounts rose 2.2 percent to 309,286, of which 1,898 were deposits on robo-advisory-accounts (up 22 percent).
The board proposes to raise the dividend by half to 0.9 francs per share.
