Switzerland's largest online bank with a strong presence in Singapore expects its profits to hit a record high in the first half of 2021.
Swiss online bank Swissquote expects its first-half net profit to more than double year on year to a record high of over 130 million francs ($145 million), it said in a press release Wednesday.
In H1 2020, Swissquote posted a net profit of 58.4 million francs.
Clients, Money Flooding In
The bank attributed the rise to a massive inflow of new clients and assets, leading to an expected rise in revenues to around 260 million francs from 58.4 million a year earlier.
«The first months of 2021 have seen strong trading activities in Swissquote’s main revenue segments (fee and commission, eForex and cryptocurrencies),» the bank said.
Repeat Performance
A massive rise in profits is nothing new for Swissquote in H1 2020 it also doubled its profits. The bank said its guidance for 2021 given in March would be revised upwards significantly when the H1 results were released on August 6.
