Leading Switzerland based online banking and trading provider Swissquote (SWX:SQN) has published its financial results for the first half of 2025, with the company seeing record Revenue and Net Profit figures for a six month period – for the sixth time in a row!

Revenues at Swissquote totaled a record CHF 358.2 million (USD $445 million) in H1 2025, up by 4% from CHF 344.0 million in the second half of 2024. The company’s Net Profit of CHF 158.2 million ($196 million) topped 2H-2024’s CHF 149.6 million by 6%.

Swissquote Revenue analysis

Swissquote’s Trading income increased by +46.4% in H1 2025, supported by more foreign-currency-designated trading activity. Crypto asset income increased by +22.7% to CHF 43.1 million (or 12% of total Revenue at Swissquote in H1 2025), thanks to higher crypto volumes (+16.2% compared to the year-back period). Net interest income remained stable (-1.5% compared to year-back period) thanks to growth in customer cash deposits (total balance sheet assets grew by +27.7% in the last 12 months), which helped offset lower interest rates (e.g. CHF rates decreased from 0.5% down to 0%). Net eForex income decreased by -11.3% to CHF 41.8 million, affected by changes in margin requirements implemented during the period of high volatility.

Increased spend

Amid accelerated organic growth and higher-than-expected net revenues, Swissquote said it made the strategic decision to ramp up its investments for the future, in particular by expanding its technology teams (+ 50 FTEs) and strengthening its international operations (+30 FTEs). These investments reflect the company’s willingness to broaden the product pipeline (particularly through the use of advanced technologies such as artificial intelligence) and to ensure scalability in line with accelerated future organic growth.

As a result, total expenses at Swissquote grew by +17.9% to CHF 173.5 million: a higher headcount (1,329 FTEs in total) impacted payroll and related expenses (+17.1% compared to the year-ago period). As of 30 June 2025, the Group employed 60 FTEs temporary staff to address seasonal business demand, representing 4.5% of total headcount. At the same time, marketing expenses were seasonally higher in the semester (+22.1% compared to the year-back period). The increases of other operating expenses (+22.3% compared to year-back period) and depreciation costs (+10.3% compared to year-back period) were related respectively to higher provision costs and to past and ongoing capital expenditure.

During the first half 2025, pre-tax profit increased by +9.1% compared to last year, to a new record level of CHF 185.2 million (CHF 169.7 million). The pre-tax profit margin reached 51.7% (53.5%), while net profit increased to CHF 158.2 million (CHF 144.6 million), with the net profit margin reaching 44.2% (45.6%).

New clients and deposits

Swissquote stated that it achieved its record results on the back of unprecedented net new money, hitting CHF 80 billion in client assets. The total number of accounts increased by +58,304 in six months, reaching in total 708,393 accounts and representing a growth of +16.0% over the past twelve months. Net new monies hit a record level of CHF 5.2 billion (+36.5% compared to year-back period). As of 30 June 2025, client assets reached CHF 80.4 billion (+18.1% compared to year-back period).

Client trading volumes

Client trading volumes averaged $105 billion monthly at Swissquote during the first half of 2025, actually down from $118 billion in 2H-2024. Crypto trading volumes were also down, to CHF 1.18 billion monthly versus CHF 1.53 billion monthly during the second half of 2024.

Outlook

In July 2025 Swissquote took full control of Yuh, originally founded as a joint venture with Postfinance. The company said that this strategic move will enable Swissquote to fully integrate Yuh into its overall product offering. Combined with Yuh, Swissquote now serves well over 1 million accounts, further solidifying its position in the digital banking space.

For the year the full year 2025, net revenues and pre-tax profit are now expected to be respectively around CHF 700 million (initial guidance: CHF 675 million) and CHF 365 million (initially: CHF 355 million).

Swissquote’s summary financial and operating results for the first half of 2025 follow below.