The Swiss online bank is set to smash expectations after the pandemic drove a surge in online trading.
The Gland, Switzerland-based lender took in more than 315 Swiss francs ($355 million) in revenue last year, and expects a pre-tax profit of more than 105 million francs, it said in a statement on Thursday. Full results are due on March 18.
«Swissquote thus achieves the best result in its history and aims to continue growing its revenues and profit in 2021,» Swissquote said. The online bank, founded by Marc Buerki in 1999, benefited from a surge in online trading volume against the backdrop of the coronavirus pandemic.
The trading boom has underpinned major advances in Swissquote's shares, which closed on Wednesday at 104.20 francs, nearly tripling on the year. The bank said it took in 5.3 billion francs in new assets during 2020, lifting its overall client funds to 39.8 billion francs.
