Swissquote Client Assets Reach CHF 80 Billion As Net New Money Hits Record

As of 30 June 2025, client assets reached CHF 80.4 billion, up 18.1% year on year, supported by a record CHF 5.2 billion in net new money — an increase of 36.5% compared with the same period in 2024. The number of accounts grew by 58,304 in six months to 708,393, a 16% increase over the past twelve months. Net revenues rose 13% year on year to CHF 358.2 million, while pre-tax profit increased 9.1% to CHF 185.2 million.

On 4 July 2025, Swissquote took full ownership of mobile finance app Yuh, which had been a joint venture with PostFinance. The acquisition, valued at CHF 89.8 million and funded through cash and treasury shares, will see Yuh integrated into Swissquote’s product offering, though it will continue to operate as a separate legal entity. Including Yuh’s 342,369 accounts, Swissquote now serves more than one million clients.

Revenue Drivers
Market volatility in early 2025 contributed to active trading conditions. Net fee and commission income rose 26% year on year to CHF 109.5 million as the number of transactions reached 3.5 million, up 25%. Net trading income increased 46.4%, supported by foreign currency trading activity. Net crypto asset income rose 22.7% to CHF 43.1 million, driven by a 16.2% increase in crypto volumes and a rebound in Bitcoin from USD 76,000 to an all-time high near USD 112,000.

Net interest income was broadly stable, down 1.5% year on year, as higher customer cash deposits offset the impact of lower interest rates. Net eForex income fell 11.3% to CHF 41.8 million due to changes in margin requirements during periods of high volatility.

Costs And Investments
Operating expenses increased 17.9% to CHF 173.5 million, reflecting higher headcount and investment in growth. Swissquote added 50 technology roles and 30 positions in its international operations, taking total full-time equivalent (FTE) employees to 1,329, plus 60 temporary staff. Marketing expenses rose 22.1% year on year, while other operating expenses increased 22.3% and depreciation costs rose 10.3% due to higher provisions and capital expenditure.

Yuh’s Performance
In the year to 30 June 2025, Yuh grew its accounts by 44.5% to 342,369 and client assets by 56.5% to CHF 3.2 billion. It reached break-even in 2024 and recorded a CHF 0.5 million contribution to Swissquote’s results in the first half of 2025. The full consolidation of Yuh is expected to add approximately CHF 10 million in net revenues in the second half of 2025, with minimal contribution to pre-tax profit this year.

Capital And Outlook
The capital ratio stood at 27.4% at the end of June 2025, before accounting for the Yuh acquisition. Total balance sheet assets rose to CHF 14.4 billion, up CHF 3.1 billion year on year. Swissquote said it could be reclassified by FINMA from a category 4 to a category 3 bank within 12 to 24 months, which would increase its minimum capital ratio requirement from 11.2% to 12%.

The bank raised its 2025 guidance, now forecasting net revenues of around CHF 700 million (previously CHF 675 million) and pre-tax profit of CHF 365 million (previously CHF 355 million).