Swissquote has seen its cash and fixed income revenue in H1 2023 increase markedly, helping the firm record a pre-tax profit of CHF124.9 million (US$142.6m) and an operating income of CHF265.3 million (US$302.9m), up 38.6% and 32.3%, respectively.
Revenue for cash and fixed income income in H1 2022 stood at CHF 17 million (US$19.4m), which has increased to CHF 110 million (US$125.6m) in H1 2023, a 547% increase, with the higher interest rate environment in general boosting the interest income, according to the company.
On the results call, Swissquote CEO Marc Bürki said H1 2023 revenues are “the best in our history” – better than the firm’s previous record period during the Covid years of 2021/22 – despite a “complicated” financial and banking environment.
Looking at H1 2022 to H1 2023, structured products and derivatives income saw a drop of 11%, from CHF12.7 million CHF to CHF11.3 million.
Equity trading income dropped 5% between H1 2022 and H1 2023, from CHF31.1 million to CHF29.5 million.
Overall securities trading between H1 2022 and H1 2023 saw an increase from CHF146.1 million to CHF210.4 million, a 44% increase.
©Markets Media Europe 2023
