Results for the quarter of 2012 - Swissquote · 2013. 2. 26. · 3! Results for the 1st quarter of...
Transcript of Results for the quarter of 2012 - Swissquote · 2013. 2. 26. · 3! Results for the 1st quarter of...
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1!
Results for the 1st quarter of 2012
May 7th 2012
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2!
• Results for the 1st Quarter 2012
• Client Groups
• Balance Sheet
• Key Figures
Agenda"
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3!
Results for the 1st quarter of 2012"
• Substantial inflow of net new monies of 536.6 million"• Strong client growth of 13.1% with accounts passing the 200ʼ000
mark for the first time"• Solid profit with net profit of 6.3 million. Compared to 1st quarter 2011
the profit was 40.9 percent lower"
• Compared to the 4th quarter 2011 the profit increased by 1.2 million"• 19.9 percent year-on-year decrease in revenues to CHF 29.2 million"
• Compared to 4th quarter 2012 the revenue increased by 1.0 million"
• Low trading volumes and low volatility on Forex markets are still impacting the results of Swissquote"
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4!
Results for the 1st quarter of 2012"
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5!
Revenues & Profitability"
• Revenues at CHF 29.2m"• Operating profit at CHF 7.9m
(+1.0m vs. Q4ʼ11, -7.3m vs. Q1ʼ11)"• Net profit at CHF 6.3m
(+1.2m vs. Q4ʼ11, -4.4m vs. Q1ʼ11)"
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Interest Trading Fee & CommissionCHF '000
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Operating Profit Net ProfitCHF '000
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6!
• Equity increases to CHF 238.2m and equity surplus to CHF 135.1m"
• Earnings per share for the 1st quarter 2012 at CHF 0.44 "
Equity and EPS"
0.44
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Earnings per Share
0.0
50.0
100.0
150.0
200.0
250.0
300.0Q2
-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Equity (eop) Equity Surplus (eop)
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7!
• Controlled costs below CHF 22m in the 1st quarter 2012"
• Cost/Income ratio at 72.9%"
Expenses & Profit Margin"
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8!
• Number of accounts passing the 200ʼ000 mark for the first time"
• 13.1% growth in the last 12 month"
Clients and Segments"
100'000
120'000
140'000
160'000
180'000
200'000
220'000
Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Total # of Accounts
159'591
28'840
11'023 685
Trading
Saving
eForex
ePrivate Banking
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9!
• Net new monies of CHF 536.6m in the first quarter 2012"
• 8.5bn assets under custody "
Assets and New Monies"
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10!
Client Groups"
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11!
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12!
• 160ʼ000 Trading accounts"• Assets under Custody at CHF 7.9 bn"
• Average assets per account at ~ CHF 42ʼ000"
Trading Accounts - Growth"
0
1'000
2'000
3'000
4'000
5'000
6'000
7'000
8'000
9'000
0
20'000
40'000
60'000
80'000
100'000
120'000
140'000
160'000
180'000Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Trading Accounts Trading AssetsCHF m
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13!
• Transactions per client per year remain at low levels of 12.5"
Trading Accounts - Transactions"
0.02.04.06.08.010.012.014.016.018.020.0
0
100'000
200'000
300'000
400'000
500'000
600'000
700'000Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Equity Transactions tpcpy
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14!
Saving Accounts – Growth and Total Assets"
• 28ʼ840 Saving accounts. Strong growth due to Swiss Life clients"
• Assets under custody at CHF 479.5m"
• Cautious saving rate policy"
0
100
200
300
400
500
600
0
5'000
10'000
15'000
20'000
25'000
30'000
35'000Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Saving Accounts Saving AssetsCHF m
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15!
Growth of Balance Sheet and Interest Revenues"
• Challenging interest business in a difficult environment"• Steady revenue growth in line with balance sheet at CHF 4.2m"
05001'0001'5002'0002'5003'0003'5004'0004'5005'000
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
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Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
Total Balance Sheet Interest RevenueCHF m CHF '000
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16!
• 11ʼ023 active clients (+16.8% vs. 2011)"• CHF 121.1m assets under custody"
eForex Accounts – Growth and Total Assets"
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
0
2'000
4'000
6'000
8'000
10'000
12'000Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
Q4-‐10
Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
eForex Accounts eForex AssetsCHF m
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17!
• Volumes of CHF 67.2bn in the 1st quarter 2012"• Revenues of CHF 7.2 million with eForex clients"
• Average margin (dpm) again over 100"
eForex Accounts – Volumes"
0.0
20.0
40.0
60.0
80.0
100.0
120.0
0
20
40
60
80
100
120
140Q2-‐09
Q3-‐09
Q4-‐09
Q1-‐10
Q2-‐10
Q3-‐10
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Q1-‐11
Q2-‐11
Q3-‐11
Q4-‐11
Q1-‐12
FX Volume Margin (DPM)CHF bn
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18!
New products in 1st quarter 2012"
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19!
• Real-time crude oil trading"• No commission, leverage of 30:1"
• Deep liquidity"
Crude Oil Trading"
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20!
Balance Sheet"
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21!
Balance Sheet on 31st March 2012"
31.03.2012 31.12.2011 Chg 31.03.2012 31.12.2011AssetsCash & TBs with Central Bank 1'340.9 1'281.7 59.2 49.4% 49.6%Loans & advances to banks 321.0 300.8 20.2 11.8% 11.6%Investment securities 802.3 748.4 54.0 29.6% 28.9%Loans & advances to customers 106.6 100.6 6.0 3.9% 3.9%Immobilisations 57.2 54.7 2.5 2.1% 2.1%Other assets 86.6 99.5 -12.9 3.2% 3.9%
Total 2'714.6 2'585.7 128.9 100.0% 100.0%
Liabilites & EquityDue to customers : Trading accounts 2'007.6 1'859.3 148.3 74.0% 71.9% Saving accounts 416.3 450.8 -34.5 15.3% 17.4%Other liabilities 52.5 45.9 6.6 1.9% 1.8%Equity 238.2 229.7 8.5 8.8% 8.9%
Total 2'714.6 2'585.7 128.9 100.0% 100.0%
Equity surplus 135.1 130.4 4.7 5.0% 5.0%
Tier 1 ratio 21.5% 21.7% -0.2%
Risk Weighted Assets 80.2 76.4
CHF m Structure in %
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22!
Balance Sheet Structure on 31st March 2012"
1340.9; 49%
321.0; 12% 802.3; 30% 106.6; 4%57.2; 2% 86.6;
3%
Structure of Assets
Cash & TBs with Central Bank Loans & advances to banksInvestment securities Loans & advances to customersImobilisations Other assets
1944.4; 71%
479.5; 18% 52.5; 2%238.2; 9%
Structure of Liabilities & Equity
Due to customers (Trading) Due to customers (Saving)
Other liabilities Equity
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23!
Key Figures"
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24!
Revenues""
Net profit"
Client accounts"
Total assets"
Equity"
Operating profit""
Key Figures 1st quarter 2012"
Q1-2011
-19.9%
-40.9%
+13.1%
+1.1%
-7.2m
-4.4m
+23’208
+95.5m
+12.9% +27.1m
29.2m
6.3m
200’140
8’478m
238.2m
-42.0% -5.7m 7.9m
Q1-2012
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25!
CHF'000 2012 2011 Change Change [%] Q1-2012 Q4-2011 Change Change [%]
Net Fee & Commission Income 14'132.0 18'910.0 (4'778.0) -25.3% 14'132.0 14'438.3 (306.3) -2.1%Interest Income, net 4'243.5 3'882.2 361.3 9.3% 4'243.5 4'424.6 (181.1) -4.1%Trading Results 10'817.3 13'671.3 (2'854.0) -20.9% 10'817.3 9'342.4 1'474.9 15.8%
Total Net Revenues 29'192.8 36'463.5 (7'270.7) -19.9% 29'192.8 28'205.3 987.5 3.5%
Payroll & Related Expenses (9'939.0) (10'028.9) 89.9 -0.9% (9'939.0) (10'104.7) 165.7 -1.6%Other Operating Expenses (incl. Depr. & Provision) (8'234.9) (8'888.3) 653.4 -7.4% (8'234.9) (8'055.1) (179.8) 2.2%Marketing Expenses (3'111.1) (3'921.7) 810.6 -20.7% (3'111.1) (3'698.4) 587.3 -15.9%
Total Expenses (21'285.0) (22'838.9) 1'553.9 -6.8% (21'285.0) (21'858.2) 573.2 -2.6%
Operating Profit 7'907.8 13'624.6 (5'716.8) -42.0% 7'907.8 6'347.1 1'560.7 24.6%
Income Taxes (1'606.5) (2'969.5) 1'363.0 -45.9% (1'606.5) (1'239.6) (366.9) 29.6%
Net Profit 6'301.3 10'655.0 (4'353.7) -40.9% 6'301.3 5'107.5 1'193.8 23.4%
Operating Profit Margin 27.1% 37.4% 27.1% 22.5%Net Profit Margin 21.6% 29.2% 21.6% 18.1%Weighted average number of ordinary shares 14'461'990 14'348'308 113'682 0.8% 14'461'990 14'460'108 1'882 0.0%Earning per share 0.44 0.74 (0.31) -41.3% 0.44 0.35 0.08 23.4%
31.03.2012 31.03.2011 Change Change [%] 31.03.2012 31.12.2011 Change Change [%]
Trading Accounts [units] 159'592 151'555 8'037 5.3% 159'592 158'516 1'076 0.7%Saving Accounts [units] 28'840 15'455 13'385 86.6% 28'840 17'576 11'264 64.1%eForex Accounts [units] 11'023 9'438 1'585 16.8% 11'023 10'766 257 2.4%ePrivate Banking Accounts [units] 685 484 201 41.5% 685 639 46 7.2%
Total Number of Accounts 200'140 176'932 23'208 13.1% 200'140 187'497 12'643 6.7%
Trading Assets [CHF m] 7'855.2 7'765.5 89.7 1.2% 7'855.2 6'941.7 913.5 13.2%Saving Assets [CHF m] 479.5 448.4 31.1 6.9% 479.5 450.8 28.7 6.4%eForex Assets [CHF m] 121.1 146.5 (25.4) -17.3% 121.1 122.5 (1.4) -1.1%ePrivate Banking Assets [CHF m] 22.6 22.5 0.1 0.4% 22.6 21.8 0.8 3.7%
Total Assets under Custody [CHF m] 8'478.4 8'382.9 95.5 1.1% 8'478.4 7'536.8 941.6 12.5%
Total Net New Monies [CHF m] 536.6 293.3 243.3 83.0% 536.6 126.8 409.8 323.2%eForex Volume [CHF bn] 67.2 101.9 (34.7) -34.1% 67.2 101.3 (34.1) -33.7%Total Balance Sheet [CHF m] 2'714.6 2'398.0 316.6 13.2% 2'714.6 2'585.7 128.9 5.0%Total Equity [CHF m] 238.2 211.1 27.1 12.9% 238.2 229.7 8.5 3.7%Equity Surplus [CHF m] 135.1 115.3 19.8 17.2% 135.1 130.2 4.9 3.8%Total Headcounts 358 350 8 2.3% 358 358 - 0.0%
Comparison with Previous Year Comparison with Previous Quarter