Swiss online bank and broker Swissquote has published its financial results for 2023, which show a significant increase in profits.

According to Swissquote, net revenues for 2023 amounted to CHF 530 million, and pre-tax profit was at least CHF 255 million.

The company said the higher-than-forecast pre-tax profit was mainly achieved in difficult market conditions.

Client assets reached CHF 58 billion as of December 31, 2023.

Net new money in 2023 increased to CHF 5 billion.

In the first half of 2023, Swissquote's net revenues increased by 32.8% to CHF 265.6 million, mainly due to higher revenues. In addition, Swissquote announced that net interest income rose by 587.6% to CHF 102.7 million in the first half of the year due to higher interest rates. Net profit rose by 38.2% to CHF 106.5 million.

The company will publish its full annual report on March 14, 2024.

Swissquote began operations in 1996 and has offices in many major cities around the world. The company holds FINMA and CSSF licenses, which testify to Swissquote's high level of reliability. In 2019, the company began actively exploring the cryptocurrency market, and in 2020, it opened its own cryptocurrency exchange, SQX, which significantly facilitated its clients' access to digital assets.