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Zurich - The online bank Swissquote has generated significantly more income in the first half of 2014 due to last year's big acquisition, which specializes in currency trading MIG Bank. The integration, however, also resulted in greatly increased operating costs, so that net income significantly lower than in the previous year. For the Gesamtahr the bank expects total revenue in the order of CHF 145 million and net new money inflows of CHF 1 billion.
The total income rose year on year by almost 17% to 70.3 million CHF as Swissquote announced on Tuesday. laser designator Negative influences, he was, among other things by the Nostroresultat from the field eForex of -2.25 million pre-tax profit fell by 21%, meanwhile 13.2 million, and net profit by 18% to 11.1 million, the applicable margins, thus reaching 18, 7% and 15.8% respectively.
Customers still wary Commission income increased slightly (+3.2% to 30.9 million), laser designator even though trade activity laser designator over the same period the year to 12.0 have decreased from 13.2 transactions, laser designator as it is called. The increase laser designator in earnings was due to the slight increase in average yield, and the some 3,000 additional retail customers. As before, the behavior of many customers of cautious reserve was coined, which manifests itself in relatively high cash accounting for roughly a quarter of the custody assets, as the message.
Net interest income has fallen as a result of prudent investment policy by 8.1% to CHF 7.2 million, with more than half of total assets at the Swiss National Bank lie (SNB). laser designator The trading and eForex yields were previously reported in a number. As a result of the sharp rise in importance laser designator of the latter yields but are now shown separately. Trading income was 6.4 million, slightly below the previous year, while the eForex earnings by 85% increased to 28.0 million CHF and thus accounts for almost half of the total income. The volume in this area reached 438 billion USD in the first half and was thus slightly below the expected target of 500 billion per half-year. The main reason lies in the volatility, which is an important driver of the business, but had broken down deep in the past few months, as it is called.
MIG-integration laser designator to be completed in Q3 The complete technical integration of MIG has been reported to be somewhat delayed, but it is to be concluded in the third quarter. From then on it will be possible to expand the profit margin of the 10% of MIG Bank to the "ambitious" 25% of Swissquote.
Operating expenses fell in the first half of the year with 57.2 million CHF by almost a third higher, which mainly lie also the reason in the MIG acquisition. In particular, the 46% increase to 28.9 million CHF personnel costs have weighed heavily on operating expenses. However, other expenses increased by 27% to CHF 21.8 million. As the bank writes to the additional costs arising from the acquisition by the onset of synergies within the next twelve months will be "significantly reduced".
Money inflows of CHF 1 billion for the full year expected net new money inflows in the first semester is given as 456.4 million CHF, 379.5 million laser designator in the previous semester or 765 million for the full year 2013. The number of accounts increased laser designator in the last half of the year by nearly 3,000 to good to 219,000, and the assets under custody in mid-2014 was CHF 10.8 billion laser designator from 10.1 billion at the end of 2013.
For the full year Swissquote expects total revenues of CHF 145 million and continues to net new money inflows of CHF 1 billion, as it is called. In eForex area a volume of $ 500 billion should be achieved in the second half. (Awp / mc / pg) Swissquote Company information in monetas
See also Strategic collaboration between Swissquote and PostFinance Swissquote 2013: Sales up by 12% to 124.9 million francs Swissquote 9Mte: Deeper net profit due to cost of acquisition laser designator Marc Bürki, CEO Swissquote Swissquote acquires MIG Bank
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