Swissquote Inches Toward CHF 100 Billion Club Even as Crypto Income Craters

Swissquote closed the first half of 2026 with client assets at a record CHF 96.3 billion, up 19.8% from a year earlier and edging closer to the CHF 100 billion mark. The growth came despite what the company described as significant geopolitical uncertainty during the period.

The number of client accounts rose by 64,011 in six months to 1,220,818, a 5.5% increase since the end of 2025.

Net new money reached CHF 5.1 billion, close to a record for the company, though down 2% from the prior year period. This builds on a 2025 in which Swissquote’s revenue and pre-tax profit had already come in above its own guidance, with client assets on the platform approaching CHF 89 billion by the end of 2025 after CHF 8.5 billion in net new funds for the full year.

Crypto Weakness Offsets Gains Elsewhere

Net revenues for H1 2026 came in at CHF 364.2 million, up 1.7% year on year. Most revenue lines grew: net fee and commission income rose 13% to CHF 123.7 million, net trading income climbed 15.8%, net interest income increased 7.2%, and net eForex income was up 9.1% on stronger volatility across precious metals and commodities.

Crypto was the exception. Net crypto assets income fell 66.2% to CHF 14.6 million, a drop the company attributed to geopolitical tensions, higher interest rates and a stronger US dollar that dragged down bitcoin and other digital asset prices. The figure included a CHF 5.3 million negative mark-to-market adjustment tied to the crypto inventory backing Swissquote’s own exchange, SQX.

Total expenses grew 4.6% to CHF 181.3 million, driven largely by higher depreciation, up 28.7%, and marketing spend, up 14.4%. Some of that increase stems from the full consolidation of Yuh, which Swissquote now owns outright after buying out PostFinance’s remaining 50% stake in a deal that closed in late 2025.

Pre-tax profit was essentially flat at CHF 182.9 million, a 1.2% decline, with the pre-tax margin holding above 50%. Headcount rose 13.7% to 1,511 full time employees, which the company linked to 2025 hiring in technology and engineering roles meant to support AI initiatives.

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Yuh Grows, Guidance Comes Down

Yuh, Swissquote’s mobile finance app, added accounts to reach 423,409, up 6.1% since the end of 2025, with client assets climbing 9.9% to CHF 4 billion. The unit posted a pre-tax loss of CHF 1 million for the half but remains on track for a full year break-even, the company said. Yuh also signed a sponsorship deal with Swiss football club BSC Young Boys starting in the 2026/27 season. In June, it rolled out an early access version of an AI assistant called Yuhlia.

Swissquote’s capital ratio stood at 25.2% as of June 30, and total balance sheet assets reached CHF 16.9 billion, putting the bank close to the CHF 17 billion threshold that would trigger reclassification from a category 4 to a category 3 bank under FINMA rules, raising its minimum capital requirement from 11.2% to 12%.

Citing the weaker crypto environment, Swissquote lowered its full year 2026 guidance to approximately CHF 730 million in net revenues, down from an initial CHF 760 million, and CHF 365 million in pre-tax profit, down from CHF 385 million. The company said its 2028 target of CHF 500 million in pre-tax profit remains unchanged.

This article was written by Arnab Shome at www.financemagnates.com.