The FinancialOnline brokerage SwissQuote, a prominent brand in Switzerland for FX and CFDs has posted an update on their financial metrics for the first half of 2020. The brokerage announced that its operating revenues have jumped 38.9% to CHF 162.7 million in the first half of 2020 as compared to the same period last year.
Net revenues for the broker amounted to CHF 160.7 million, which is an increase of 43.2% from the previous year. The company indicated that this growth was driven primarily by fees and commissions income and eForex, with the previous gaining 82.7% year over year and the latter 52.2%.
As with other brokers, SwissQuote experienced a massive spike in trader activity with 57K+ new accounts added during the period, which client assets grew 9.7% to CHF 33.5 billion. With this growth the broker expects to generate total revenues of CHF 300 million for the year and a pre-tax profit of CHF 100 million. Nonetheless, it remains to be seen if trader activity will continue to be elevated as market volatility has subsided in the near term and Covid-19 disruptions continue to impact markets and economies.
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