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Switzerland's largest online bank Swissquote has announced better-than-expected financial results for 2024, with pre-tax profit expected to reach at least CHF 345 million, driven partly by favourable conditions in cryptocurrency markets.
The Gland-based fintech reported net revenues of approximately CHF 655 million, while client assets grew to CHF 76 billion by the end of December 2024. Net new money inflows reached CHF 8.3 billion during the year.
"These strong results were partially driven by favourable market conditions towards the end of the year, particularly in the crypto sector," the company said in a statement.
The results come amid growing institutional adoption of digital assets in Switzerland, which has positioned itself as a crypto-friendly financial hub. Swissquote was among the first regulated banks in the country to offer cryptocurrency trading services.
The bank, which is listed on the SIX Swiss Exchange under the symbol SQN, operates from its headquarters in Gland with additional offices across Europe, Asia, and Africa. Its services span traditional banking, global stock market trading, crypto assets custody, forex trading, and payment solutions. The Swissquote Group and PostFinance each maintain a 50% ownership stake in the fintech app Yuh.
The full detailed financial report for 2024 will be released on 20 March 2025, when the company will also provide an updated mid-term outlook.
