Swissquote broke the 400,000 account mark for the first time in 2020. The Gland-based online bank (VD) opened an additional 50,636 accounts last year (+ 14%), reaching a record low of 410,248 , according to the annual report released Thursday morning. This increase is one of the reasons for the 23% increase in assets entrusted to the bank, to 39.8 billion francs. The other explanation is linked to the 8.1% increase in average assets per customer, which is approaching 100,000 francs.
Last year, Swissquote saw its net sales increase by 37.6% to 317.3 million. Its profit before tax more than doubled over the same period to 105.6 million, while net profit doubled year on year to 91 million. The pre-tax profit margin fell from 21.9% in 2019 to 33.3% last year. Revenue and net profit were disclosed on January 14.
For 2021, the bank led by Marc Bürki expects an increase in its revenues of more than 15% and an increase in its profit before tax of 23%. Two years ahead of its forecasts, Swissquote expects to reach 500 million in revenue and 200 million in pre-tax profit in 2024. Finally, one of the co-founders, Michael Ploog, is preparing to step down as manager. investments and is expected to join the board of directors of Swissquote.