Swiss largest online broker has just published their 2010 results. Even though a 40 percent decrease in profits vs. 2009 - blamed mostly to the acquisition of Advanced Currency Markets SA and Tradejet - the firm highlighted a high increase in revenue generated in the 4th quarter, once acquisitions started to leave their toll.
From Swissquote press release, there is one paragraph to highlight here:
“Trading results, in which the eForex business predominates, expanded disproportionately by
58.1 percent to CHF 29.0 million (CHF 18.3 million) thanks to organic growth and the acquisition of
ACM on 26 October. In the 4th quarter, trading results rose by 129.2 percent. eForex trading volumes rose to CHF 185.4 billion (CHF 77.2 billion) in 2010 and are forecast to grow to about CHF 550 billion in 2011. On the basis of this development, the trading business will account for at least 40 percent of total revenues in future. This will substantially reduce dependence on the commission business.”
Swissquote revenues exceed CHF 100 million
In 2010 overall revenues rose by 6.1 percent year-to-date to CHF 104.6 million (CHF 98.6 million) – revenues increased by 41.3 percent in the 4th quarter alone. Operating expenses rose by 24.5 percent to CHF 70.7 million (CHF 56.8 million). Net profit amounted to CHF 21.2 million. Thanks to solid growth of 19.2 percent in client numbers to 172,091 and the associated record inflows of CHF 1.477 billion in new monies, assets under custody exceeded CHF 8 billion for the first time. In 2011, Swissquote has set itself the target of growing revenues by approx. 50 percent and assets under custody by CHF 2 billion.