Swissquote, which is known for its online-trading services, beat all its own expectations in the first half of the year, according to a statement released on Tuesday.

The company, based in Gland, Switzerland, had a net profit of 50.4 million Swiss francs ($55 million) in the first six months, more than double the amount of the same period in 2019. The bank revised up its forecast for full-year profit to 100 million francs.

The bank had a massive increase in trading traffic in the crisis-months, boosting its revenues. The increase also resulted in a strong inflow of assets. Organic growth was 3 billion francs, while client assets added almost 10 percent to 33.5 billion.

Strong Demand for Robo-Advisory

Swissquote opened more than 50,000 new accounts for clients in the first six months of 2020. The robo-advisory service performed very strongly, with an increase of such accounts by almost 40 percent.

The higher turnover led to a marked increase in costs, with a plus of 17.4 percent in outlays for staff compared with a year ago. Swissquote had 65 more members of staff and put more money aside for bonus payments.