Swissquote Inches Toward CHF 100 Billion Club Even as Crypto Income Craters

Swissquote finished the first six months of 2026 with client assets at a record CHF 96.3 billion, a 19.8% gain on the year-earlier period, bringing the broker within view of the CHF 100 billion milestone. The result was achieved despite what management called significant geopolitical uncertainty.

Account numbers also moved higher: 64,011 net new accounts were added in the half, lifting the total to 1,220,818, or 5.5% above the end of 2025. Net new money totalled CHF 5.1 billion, close to a company record but 2% below the prior-year period. In 2025, client assets had already climbed to nearly CHF 89 billion, supported by CHF 8.5 billion in net new funds for the full year.

Crypto drag offsets broad growth

Net revenue rose 1.7% year on year to CHF 364.2 million. Fee and commission income climbed 13% to CHF 123.7 million, net trading income gained 15.8%, net interest income was up 7.2%, and net eForex income increased 9.1% on stronger volatility in precious metals and commodities.

Crypto was the outlier. Net crypto asset income tumbled 66.2% to CHF 14.6 million, which Swissquote attributed to geopolitical tensions, higher interest rates and a stronger US dollar weighing on bitcoin and other digital assets. The result included a CHF 5.3 million negative mark-to-market adjustment tied to the crypto inventory backing its exchange, SQX.

Total expenses rose 4.6% to CHF 181.3 million, driven by a 28.7% jump in depreciation and a 14.4% increase in marketing spend. The full consolidation of Yuh, the mobile finance app Swissquote now owns entirely after buying out PostFinance's remaining 50% stake in late 2025, also contributed. Pre-tax profit came in at CHF 182.9 million, down 1.2%, while the pre-tax margin stayed above 50%. Headcount grew 13.7% to 1,511 full-time employees, reflecting 2025 hiring in technology and engineering for AI initiatives.

Yuh ended the period with 423,409 accounts, up 6.1% since the end of 2025, and client assets of CHF 4 billion, up 9.9%. The unit posted a pre-tax loss of CHF 1 million for the half but remains on track for full-year break-even. Yuh also agreed to sponsor Swiss football club BSC Young Boys from the 2026/27 season and launched an early access version of its AI assistant, Yuhlia, in June.

Swissquote's capital ratio stood at 25.2% as of June 30, with total balance sheet assets of CHF 16.9 billion. That puts the bank near the CHF 17 billion threshold that would reclassify it from a category 4 to a category 3 bank under FINMA rules, raising its minimum capital requirement from 11.2% to 12%.

Citing the weaker crypto environment, Swissquote cut its 2026 guidance to approximately CHF 730 million in net revenues, down from CHF 760 million, and CHF 365 million in pre-tax profit, down from CHF 385 million. The company said its 2028 target of CHF 500 million in pre-tax profit is unchanged.