Switzerland's biggest online bank issued a profit warning, attributing a lull in trading to a series of political uncertainties since the summer. It won't reach its earnings growth target of 10 percent for the full year.
Earnings will increase about 2.5 percent to 150 million francs this year, less than the 160 million it forecast in the report for the first half, Swissquote said in a statement today.
«A period of general uncertainty following the summer break led to a distinct fall in trading activity among clients,» Swissquote said today.
Brexit, Trump, Erdogan
The bank listed the decision by the U.K. to leave the European Union, the presidential elections in the U.S. and the political situation in Turkey as factors impacting trading volumes. The situation was exacerbated by similarly low levels of forex trading, it said.
Swissquote however managed to broaden its client base by 2,300 in the four months through October and increased assets under custody by 1 billion francs, the company said.
It will report full-year earnings on March 3, 2017.
