Swissquote Reports Record 2024 Financial Results

Switzerland-based online banking and trading provider Swissquote has released its 2024 financial results, reporting record revenue and net profit figures for both the full year and the second half.

For the second half of 2024, Swissquote reported revenues of CHF 344.0 million (USD $392 million), a 9% increase from the first half's CHF 316.9 million. Net profit for the second half reached CHF 149.6 million ($171 million), a 3% increase over the first half.

Full-year results showed record revenue of CHF 661 million and a net profit of CHF 294 million. The company stated that 2024 was "the best year ever on multiple fronts." Client assets grew by 31.5%, from CHF 58.0 billion to CHF 76.3 billion, supported by net new money inflows of CHF 8.3 billion.

Client trading volumes averaged $118 billion monthly in the second half of 2024, a slight increase from $116 billion in the first half. Crypto trading volumes saw a 51% increase, rising from CHF 1.01 billion monthly in the first half to CHF 1.53 billion monthly in the second half.

The total number of client accounts increased by over 75,000 in 2024, reaching 650,089 by year-end. Net revenues reached CHF 661.0 million, a 24.4% increase, and pre-tax profit climbed to CHF 345.6 million, a 35.3% increase.

The company highlighted the diversification of its business model, noting that non-transaction-based revenues accounted for 48% of total net revenues, and revenues from clients outside Switzerland made up 42%.

Net crypto assets income increased by 353.2% to CHF 85.5 million, representing approximately 13% of total net revenues. Net fee and commission income rose by 24.7% to CHF 178.2 million.

The mobile finance app Yuh reached profitability in 2024, ahead of its initial business plan, and increased its client accounts to over 285,000 and client assets to CHF 2.8 billion.

Swissquote has set a new medium-term pre-tax profit target of CHF 500 million by 2028. For 2025, the company projects net revenues of CHF 675 million and a pre-tax profit of CHF 355 million.

The Board of Directors is proposing a dividend of CHF 6.00 per share, representing approximately 30% of the net profit.

Swissquote also announced changes to its corporate organization. Beat Oberlin will not stand for re-election to the Board of Directors, and Hans-Rudolf Kéng will be proposed as a new member at the upcoming Annual General Meeting.

Markus Dennler, Chairman of the Board of Directors, said, "We are convinced that Hans-Rudolf Kéng will be a valuable addition to our Board of Directors. His deep expertise and leadership experience will help us navigate future opportunities and challenges. At the same time, on behalf of the entire Board, I would like to sincerely thank Beat Oberlin for his many years of dedication and his significant contributions to Swissquote's success."