Online bank Swissquote looks to have had a great business year in 2019, with record revenues. The company has exceeded its own forecast for pretax profit.
Swissquote, the Gland-based online bank, revised its forecast for pretax profit for a second time, according to a statement released on Wednesday. In July, the biggest Swiss online bank had said that pretax profit would likely reach about 48 million Swiss francs ($49.6 million), more than the 44 million francs it had originally expected to generate.
Today, the bank said that the forecast had been exceeded with a pretax of 50 million francs on total net revenues of about 230 million francs. Swissquote met its target of growing net revenues by 5 to 10 percent in 2019, according to the statement. In 2018, pretax profit was 53.8 million francs.
On Track to Meet 2022 Targets
With client assets of 32.3 billion francs and net new money inflows of 4.6 billion francs, Swissquote is on track to meet targets set for 2022, the company said in the statement.
The full report for the 2019 financial year will be published on March 17, 2020.
