Banks Swissquote posts strong earnings growth in 2024 thanks to good market environment
The online bank Swissquote significantly increased its income and profit in 2024 and also clearly exceeded its own forecasts. The bank benefited from the favorable conditions on the financial markets and not least from last year's crypto boom.
17.01.2025, 08:37
SDA
According to a press release issued on Friday, the bank, which specializes in online trading, generated net income of around 655 million Swiss francs in 2024, which corresponds to an increase of around 23 percent. Last August, Swissquote had forecast income of 615 million francs for the year as a whole.
Pre-tax profit even rose by around 90 percent to "at least 345 million francs". In the summer, the bank was still forecasting only around 320 million.
In the press release, Swissquote refers to the favorable market conditions towards the end of the year. In the wake of Donald Trump's election as US president, the stock markets reached new record highs, particularly in the US. The crypto markets were also boosted by the Trump election: Bitcoin, for example, climbed to over 100,000 dollars towards the end of the year after starting the year at around 42,000 dollars.
Thanks to the favorable market conditions in 2024, Swissquote also received significantly more money than in the previous year: net new money inflows amounted to CHF 8.3 billion compared to around CHF 5 billion in 2023. Customer assets reached a value of CHF 76 billion at the end of 2024.
