Swissquote Expects Results To Beat Views on Crypto Demand

By Elena VardonSwissquote Group Holding said its results for 2024 should exceed market expectations as its performance got a boost from cryptocurrency trading toward the end of the year.The Swiss online bank on Friday said it expects to report pretax profit of at least 345 million Swiss francs ($378.8 million) on net revenues of around 655 million francs for the period ended Dec. 31. This is above estimates of 327.7 million francs and 622.8 million francs, respectively, taken from a company-compiled consensus.At Dec. 31, the company's client assets stood at 76 billion francs and net new money reached 8.3 billion francs for the year. Jefferies analysts said in a note that this represents a 12% increase on an already strong first-half balance, taking on-year growth to 31%."These results were partially driven by favorable market conditions towards the end of the year, particularly in the crypto sector," it said.Swissquote will publish the full report for 2024 and outline a new midterm outlook on March 20.Write to Elena Vardon at [email protected]