Swissquote has been flooded with investors as a result of the COVID-19 global lock-down, as well as the extreme market volatility follow up. the Swiss banking group just released in a statement.
During the first months of 2020 Swissquote saw an influx of trading activity but also an increase in new clients, either because of the lock down, the market volatility, or both. This expansion resulted in the banking group achieving a very strong performance during the first half of the year. It is estimated that revenues have been increased by 40%, when compared to the same yearly period from last year.
Speaking in numbers, Swissquote’s revenue is estimated to average around the CHF 160 million value. To put things in perspective, the first half of 2019 saw CHF 112.2 million in profit.
What’s more, this year’s pre-tax profit has never been higher, with 120%, predicted to surpass CHF 56 million, which is more than last half-year’s CHF 25.1 million profit.
Swissquote is one of several brokers who have taken the recent turn of events and flipped them on their other side, ironically profiting from a crisis situation that has greatly disturbed the global market economy.