Swissquote Achieves Record 2024 Results, Sets Bold 2028 Goal

Swissquote (SWX:SQN), a Switzerland-based online banking and trading provider, has announced record-breaking financial results for 2024, achieving all-time high revenue and net profit figures. The company also set a bold new target for 2028, aiming for a pre-tax profit of CHF 500 million.

Swissquote’s financial performance in the second half of 2024 demonstrated strong momentum. The company reported record revenues of CHF 344.0 million (USD 392 million), a 9% increase from CHF 316.9 million in the first half of the year. Net profit for the period reached CHF 149.6 million ($171 million), marking a 3% increase from the first half of 2024.

For the full year, Swissquote posted record revenues of CHF 661 million and a net profit of CHF 294 million, reflecting the company’s continued strong growth. The company expressed confidence in its long-term trajectory, setting a new pre-tax profit target of CHF 500 million by 2028.

Swissquote CEO Marc Bürki stated, “2024 was our best year ever on multiple fronts. With strong client asset growth and impressive net new money inflows, we are positioned for sustained expansion and innovation.”

Client assets surged from CHF 58.0 billion to CHF 76.3 billion over the year, marking a 31.5% increase. Net new money inflows reached CHF 8.3 billion, one of the highest levels ever recorded by the company.

Swissquote Achieves Record 2024 Results, Sets Bold 2028 Goal

Client trading volumes also saw strong performance, averaging $118 billion per month in the second half of 2024, up from $116 billion in the first half. Notably, cryptocurrency trading volumes surged by 51%, from CHF 1.01 billion monthly in 1H-2024 to CHF 1.53 billion in 2H-2024. This represents a dramatic increase from 2023, when crypto trading volumes were under CHF 0.3 billion per month.

Swissquote’s total number of client accounts increased by more than 75,000 in 2024, reaching 650,089 by year-end. The diversification of the company’s business model helped it navigate pressures from declining CHF interest rates while sustaining growth in key areas.

Non-transaction-based revenues accounted for 48% of total net revenues, while revenues from customers outside Switzerland made up 42%. This reflects Swissquote’s ongoing transformation into a global multi-asset-class platform.

The company’s pre-tax profit of CHF 345.6 million was close to its initial CHF 350 million target for 2025, set back in March 2022. This represents an annual pre-tax profit growth rate of over 15%. The Board of Directors has proposed a dividend of CHF 6.00 per share, equating to approximately 30% of net profit.

Swissquote’s net revenues for 2024 grew 24.4% year-over-year, reaching CHF 661.0 million. The revenue mix was influenced by several key factors:

• Crypto assets income: Up 353.2% to CHF 85.5 million, driven by Bitcoin surpassing USD 100,000.
• Net fee and commission income: Up 24.7% to CHF 178.2 million, fueled by increased investor interest in foreign securities.
• Net interest income: Increased by 5.2%, supported by higher cash deposits and a favorable currency mix.
• Net trading income: Up 41.3%, benefiting from heightened foreign currency trading activity.
• Net eForex income: Declined by 6.4% to CHF 94.7 million due to low FX volatility.

Swissquote’s mobile finance app, Yuh, significantly expanded its presence, growing its client base by 48% to over 285,000 accounts. Client assets reached CHF 2.8 billion, more than doubling (+101.6%) year-over-year. Yuh achieved profitability in 2024, ahead of its initial business plan. Moving forward, the focus remains on consolidating its leadership position in Switzerland while maintaining a positive contribution to Swissquote’s overall pre-tax profit.

Swissquote’s 2025 Guidance and 2028 Outlook

Looking ahead, Swissquote aims to continue its growth trajectory:

• 2025 forecast: Expected net revenues of CHF 675 million (+2.1%) and pre-tax profit of CHF 355 million (+2.7%).
• 2028 mid-term goal: Pre-tax profit target of CHF 500 million, with further diversification of revenue streams and improved profit margins.

Corporate Governance Changes

Swissquote announced changes to its Board of Directors:

• Beat Oberlin, a long-time Board member since 2016 and Chairman of the Nomination & Remuneration Committee, will not seek re-election at the 2025 Annual General Meeting.
• Hans-Rudolf Kéng, former CEO of PostFinance, has been proposed as a new Board member. His extensive experience in banking and finance will contribute to Swissquote’s strategic direction.

Markus Dennler, Chairman of the Board of Directors, stated, “Hans-Rudolf Kéng’s expertise will be invaluable as Swissquote continues its growth. We also extend our deep gratitude to Beat Oberlin for his many years of dedicated service.”

Swissquote’s record-breaking 2024 results highlight its ability to capitalize on market trends, expand its global footprint, and sustain strong financial performance. With ambitious goals set for 2028 and a continued focus on diversification, innovation, and international growth, Swissquote is well-positioned for the future.

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