After recording lower net profits in the first half Swissquote managed to navigate a difficult market and attract new client money.
Swiss online bank Swissquote expects to report a pre-tax profit of at least 185 million Swiss francs ($200 million) for 2022, on net revenues of over 400 million, on an interim basis it reported Thursday.
The results are in line with guidance issued in August when the country's largest online bank suffered a decline in profits as income from crypto assets declined. The bank said that «diversified sources of revenues and a higher share of non-transaction-based revenues have
enabled Swissquote to navigate safely in a difficult market environment.»
New Money Inflows
Swissquote reported «strong net new monies» of 7.7 billion for 2022, which countered negative market developments. At the end of last year, client assets stood at 52.2 billion francs. The result points to a recovery in client funds from the middle of the year when they stood at 51.8 billion francs. After many wealth managers reported record client inflows and assets under management in 2021, last year saw an abrupt reversal as asset prices plunged and reduced fee income, as finws.com reported.
Full financial results for 2022 will be reported on March 16, with the ordinary general meeting to be held on May 10.
