The online bank Swissquote posted net profit of 153,6 million francs in the first half of the year, down 2,9 percent from the first six months of 2025. In its statement on Thursday, Swissquote itself spoke of «continued client growth and robust profitability in a challenging macroeconomic environment».

The commission business performed well, with net commission income rising 13 percent to 123,7 million francs. Trading activities also delivered a strong result, increasing 15,8 percent to 64,4 million francs. Net interest income came in at 115,9 million francs, up a solid 7,2 percent year on year.

Write-Down on Crypto Holdings

By contrast, Swissquote said the crypto business was negatively affected by «persistent risk aversion, declining prices and weaker client participation». Net crypto income plunged 66,2 percent to just 14,6 million francs. This figure includes a write-down of 5,3 million francs on the bank’s own crypto holdings.

The slight 1,7 percent increase in net revenue to 364,2 million francs was more than offset by costs, which rose 4,6 percent to 181,3 million francs. Swissquote attributed part of the increase in costs to the full consolidation of Yuh. The workforce grew by 13,7 percent year on year to 1,511 full-time positions.

Soon to Become a Category 3 Bank

Client assets reached a record 96,3 billion francs, an increase of 19,8 percent. Net new money amounted to 5,1 billion francs, while Swissquote opened 64,000 new client accounts, bringing the total number of accounts up by 5,5 percent.

Due to the growth of its balance sheet, Swissquote expects Finma to move it from a Category 4 bank to Category 3 in the second half of the year. The threshold is a balance-sheet total of 17 billion francs, compared with Swissquote’s current 16,9 billion francs.

More Cautious Outlook for 2026

Due to the weaker-than-expected crypto business, the bank has lowered its outlook for the full year. Swissquote now expects net revenue of 730 million francs in 2026, down from its previous forecast of 760 million francs, and pre-tax profit of 365 million francs, compared with 385 million francs previously.

For 2028, Swissquote remains more confident and is targeting pre-tax profit of 500 million francs.