Swissquote has announced its financial results for the first half of 2024 (H1), highlighting unprecedented growth in both top and bottom-line figures. The company’s performance has been bolstered by a surge in crypto trading activity, which has become a more substantial revenue contributor this year.

For the first half of 2024, Swissquote reported net revenues of CHF 316.9 million (approximately USD $365 million), marking a 19.3% increase compared to the same period last year. The pre-tax profit reached CHF 169.7 million, up 35.9% from the previous year. Net profit also hit a record CHF 144.6 million, reflecting a 30% increase from the previous best result of 2H-2023.

Client assets soared to a new high of CHF 68.0 billion, up 19.6% year-over-year, with net new inflows totaling CHF 3.8 billion. Swissquote has revised its 2024 pre-tax profit target to CHF 320 million, up from the initial forecast of CHF 300 million.

Swissquote Hits Record Highs in H1 2024 Results, Crypto Drives Growth

The company noted a strong start to 2024, driven by favorable stock market performance and an enhanced investor appetite. Net interest income saw a 6.9% increase, supported by high interest rates and growing cash deposits.

Despite low market volatility, trading activity improved significantly, with the number of transactions rising by 21.9%. Net fee and commission income grew by 17.9% to CHF 86.9 million. A notable highlight was the 369.0% increase in net crypto assets income, which reached CHF 35.1 million, representing over 11% of Swissquote’s total revenue for the period. This growth because of a substantial rise in crypto market capitalization, including a more than 50% increase in Bitcoin’s price and a 389.0% surge in crypto trading volumes.

Conversely, net eForex income experienced a decline of 14.2% to CHF 47.1 million due to the lower volatility in the forex market, though it remained stable compared to the previous half-year. Net trading income, however, saw a significant 42.2% increase, reflecting higher activity in foreign-currency trading.

Overall, Swissquote’s robust performance underscores the growing influence of cryptocurrency on its financial results and positions the company for a strong finish to 2024.

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