Swissquote Delivers Record Client Assets Of CHF 96.3 Billion In First Half Of 2026

Swissquote has reported record client assets of CHF 96.3 billion for the first half of 2026, up 19.8 per cent compared with the year-back period, as the Swiss digital banking group navigated a period of significant geopolitical uncertainty.

The total number of accounts increased by 64,011 in the six months to 30 June 2026, bringing the overall total to 1,220,818, a rise of 5.5 per cent since 31 December 2025. Net new money reached a near-record CHF 5.1 billion, down 2.0 per cent on the year-back period.

Most revenue streams expanded during the first half, with net fee and commission income up 13.0 per cent. However, the crypto market was adversely affected by geopolitical tensions, higher interest rates and a stronger US dollar, with bitcoin and most other crypto assets experiencing a material price decline. Net crypto assets income fell short of initial guidance, declining by 66.2 per cent to CHF 14.6 million, which included a CHF 5.3 million negative mark-to-market adjustment to the crypto asset inventory supporting liquidity provision on SQX, Swissquote's own crypto exchange.

Overall, net revenues amounted to CHF 364.2 million, up 1.7 per cent on the year-back period, as positive drivers slightly outweighed negative ones. Net trading income increased by 15.8 per cent, supported by more foreign-currency-designated trading activity, while net interest income rose by 7.2 per cent, driven by higher total balance sheet assets and supportive changes in interest rate expectations. Net eForex income increased by 9.1 per cent, supported by price movements and volatility across precious metals and commodities, with eForex assets growing by 20.8 per cent.

During the first half, Swissquote continued to scale its sovereign AI platform, deploying initial use cases across customer service, including its Yuhlia assistant, and software development. Pre-tax profit remained essentially flat at CHF 182.9 million, down 1.2 per cent on the year-back period, supported by a resilient pre-tax profit margin of 50.2 per cent.

Total expenses grew by 4.6 per cent to CHF 181.3 million, mainly related to higher depreciation costs, up 28.7 per cent, and marketing expenses, up 14.4 per cent. Part of the expense increase stemmed from the full consolidation of Yuh in the current period, compared with the prior year when it was reported as a 50 per cent joint venture. The Yuh acquisition also added roughly CHF 50 million of depreciable intangible assets. As of 30 June 2026, the group employed 1,511 full-time equivalent staff, up 13.7 per cent on the year-back period, following strategic additions in technology, data and engineering during 2025.

Yuh, Swissquote's mobile finance app, expanded its user base to 423,409 accounts, up 6.1 per cent since 31 December 2025, with client assets reaching CHF 4.0 billion, up 9.9 per cent. Yuh secured a new partnership with Swiss football club BSC Young Boys, commencing with the 2026/27 season, aimed at increasing brand visibility and driving client acquisition. Yuh recorded a pre-tax loss contribution of CHF 1.0 million as of 30 June 2026 but remains on track to achieve full-year break-even. In June 2026, Yuh introduced Yuhlia, an account-aware AI assistant designed to personalise financial insights and automate routine customer interactions, in limited early access. Yuh's headcount remained stable at 64 full-time equivalent staff.

As of 30 June 2026, the capital ratio remained high at 25.2 per cent, down from 27.4 per cent, and total balance sheet assets amounted to CHF 16.9 billion, an increase of CHF 2.5 billion over the past 12 months. Swissquote is consequently expected to be reclassified from a category 4 to a category 3 bank by FINMA within the next six months, once the CHF 17.0 billion threshold in total balance sheet assets is reached.

The reclassification would entail enhanced regulatory oversight and increase the minimum capital ratio requirement from 11.2 per cent to 12.0 per cent.

For the full year 2026, net revenues and pre-tax profit are now expected to reach approximately CHF 730 million, revised down from an initial CHF 760 million, and CHF 365 million, revised down from an initial CHF 385 million, respectively. The adjustment reflects the weaker-than-expected crypto environment in the first half of 2026 and expectations of only a gradual improvement towards the end of the second half. Swissquote said the key assumptions underlying its 2028 outlook remain fully intact, with the group continuing to target CHF 500 million in pre-tax profit for that year.

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