Swiss bank and broker Swissquote has updated its annual revenue forecast for 2024 on the back of strong results for 2023.

In 2024, the company expects to generate annual revenues of CHF 595 million and a pre-tax profit of CHF 300 million.

In 2023, Swissquote's revenue increased by 30.2% to CHF 531.4 million, and pre-tax profit rose by 26% to CHF 270.9 million.

Total client assets increased by 11.1% to CHF 58 billion.

The number of client accounts reached 574,274 at the end of the year.

The company noted that for the first time, non-transactional revenues (58%) exceeded transactional revenues (42%), and that clients based abroad accounted for a larger share of net revenues than clients based in Switzerland (51% and 49%, respectively).

Total expenses increased by 26.0% to CHF 270.9 million, mainly due to higher personnel costs.

Looking ahead, Swissquote said it expects continued growth in 2024, but a potential decline in interest rates could affect its earnings.

"As we approach the medium-term targets set for 2025, Swissquote reiterates that pre-tax profit of CHF 350 million remains the main target to be achieved, with a pre-tax profit margin above 50 percent," the company said.

Broker Swissquote has been active on the foreign exchange market since 1996. Its activities are regulated by the Swiss Financial Market Supervisory Authority (FINMA).