Reports
Revenues, Earnings Rose At Avaloq In 2016
The international wealth and banking technology house has reported a broadly strong set of results for 2016.
Switzerland-headquartered banking and wealth technology house
Avaloq yesterday
reported full-year revenues of SFr533 million ($530.4 million)
for 2016, a 10 per cent year-on-year rise, while earnings before
interest, taxes, depreciation and amortisation rose 41 per cent
from a year ago to SFr82 million.
The firm, which operates worldwide, said its EBITDA margin rose
by 3.4 points to 15.4 per cent; the firm also logged “strong cash
flows” with net cash provided by operating activities rising by
100 per cent to SFr62 million.
“Having largely completed our transformation from a pure play
software company to an integrated service provider, we are
confident that we will successfully leverage our investments in
2017 and beyond. As reflected in our enhanced financial
transparency, we want to also make further progress on our path
to capital-market readiness,” Francisco Fernandez, Avaloq’s chief
executive, said in a statement yesterday.
The firm won six new customers including the banks Axion Swiss
Bank, Arab Bank and Notenstein La Roche Private Bank who became
clients for the first time. Liechtensteinische Landesbank as well
as LGT Group and another large bank – unnamed – chose to
introduce the Avaloq Banking Suite in additional international
business units. Furthermore, Deutsche Apotheker- und Ärztebank
(apoBank) and Avaloq have signed a contract for a project to
evaluate future cooperation
A total of 28 “going-lives” of Avaloq systems in banks took place
last year, including the migration of HSBC Private Bank, Crestone
and Maybank Private Wealth to the Avaloq Banking Suite, as well
as the implementation of new digital solutions for several
existing customers. Also, BPO centres in the Euroepan Union
(Berlin) and Asia (Singapore) went live, and the BPO centre in
Switzerland (Lugano) became a full member of the Avaloq
group.
Avaloq serves banks and wealth managers worldwide collectively
managing more than SFr4.0 trillion.
The firm collected a number of honours at the recent
WealthBriefing Swiss Awards 2017
ceremony in Geneva last week.