Trading Income
In 2022, Swissquote was faced with challenges that impacted all of its revenue streams. Due to lower trading volumes, there was a 7.6% drop in net income from commissions and a 14.3% decrease in net eForex revenue. The net income from crypto assets fell dramatically by 72.9%, to CHF 27.7 millions.
The platform’s net trading income reduced by 23.8% due to lower turnover in foreign currency asset classes. However, net interest income increased by 242.6% due to the rise in interest rates across all major currencies. Swissquote highlighted how their diversification allowed them to take advantage of the changes in short-term interest rates.
Effective cost management led to a 13.2% reduction in operating costs to CHF 215 millions. Despite this, the company saw a significant increase in its headcount, with the majority of new hires being in tech-related jobs.
Outlook
Swissquote is optimistic about the future despite the difficult market conditions of 2022. The company set ambitious targets for 2023, with a 21% increase to net revenue of CHF 495 millions and a 23% rise in pre-tax profits to CHF 295 million.
Additionally, there are…
