Swissquote meets new funds target early

Geneva  - Swissquote, the Swiss online broker, reported Tuesday that profit in the first nine months of the year was up 11.9 per cent compared to last year, hitting 26.9 million Swiss francs (26.47 million dollars).

New fund inflows in the third quarter reached 517.7 million francs, while growth in new money in the first nine months of 2009 hit 1 billion francs, up 8.3 per cent.

Swissquote said it met its new funds target for the year early. In terms of attracting new clients, the broker said it saw an increase of 23.9 per cent and was on target for its full year goals.

Swissquote said it saw revenue fall in the interest business section, noting "the interest rate market has not yet begun normalizing," even as the situation on the financial markets has eased.

However, the broker said the interest rate market "appeared to have bottomed out," and expected earnings to increase in the next quarter.

For the fourth quarter, Swissquote said it expecting to post overall figures similar to the third quarter results. (dpa)