Swissquote cut its 2026 revenue target by CHF 30 million after crypto income fell 66% in H1. Client assets hit a record CHF 96.3 billion, and the bank kept its 2028 profit target unchanged.
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Swissquote cut its full-year 2026 revenue and profit targets after crypto income collapsed 66% in the first half. The bank now expects net revenues of about CHF 730 million, down from a previous CHF 760 million, and pre-tax profit of CHF 365 million instead of CHF 385 million. Management attributed the revision to weaker-than-expected crypto conditions and a gradual recovery assumption for the second half.
The first-half results showed how the drop played out. Net crypto asset income fell to CHF 14.6 million from CHF 43.1 million a year earlier. Crypto trading volume dropped 63.5% to CHF 2.58 billion. A CHF 5.3 million negative mark-to-market adjustment on the crypto inventory held to support liquidity on Swissquote's SQX exchange added to the pressure. The combination turned what had been a meaningful earnings contributor into the main drag on the group.
Other revenue lines moved the other way. Net fee and commission income excluding crypto rose 13% to CHF 123.7 million. Net trading income increased 15.8% to CHF 64.4 million. Net interest income rose 7.2% to CHF 115.9 million. Net eForex income gained 9.1% to CHF 45.6 million. Swissquote said eForex benefited from volatility in precious metals and commodities, and eForex client assets rose 20.8% year over year.
The overall numbers: net revenues grew 1.7% to CHF 364.2 million, pre-tax profit slipped 1.2% to CHF 182.9 million, and the pre-tax margin stayed above 50% at 50.2%. The bank absorbed higher spending on technology, data, engineering and the full consolidation of mobile finance app Yuh. Headcount reached 1,511 full-time-equivalent employees, up 13.7% from a year earlier.
Client metrics were stronger. Swissquote added 64,011 accounts during the first six months, bringing the total across Swissquote and Yuh to 1.22 million. Net new money reached CHF 5.1 billion, only 2% below the exceptionally strong year-earlier period. Total client assets rose 19.8% year over year to an all-time high of CHF 96.3 billion. Of that increase, CHF 2.5 billion came from positive market performance, while cash held by clients rose by roughly CHF 900 million.
Yuh, the mobile finance app Swissquote took full control of in July 2025, ended June with 423,409 accounts, up 6.1% in six months, and CHF 4.0 billion in client assets, up 9.9% since December. The app contributed CHF 8.4 million in incremental revenue against CHF 9.4 million in incremental expenses, meaning Swissquote is still funding customer acquisition before the platform reaches the operating leverage management expects from a larger user base.
Swissquote is also approaching a regulatory threshold. Its total balance sheet reached CHF 16.9 billion at the end of June, only CHF 102 million below the CHF 17 billion level that triggers reclassification by FINMA from a category 4 to a category 3 bank. The change, expected in the second half of 2026, will raise the minimum capital ratio requirement from 11.2% to 12%. Swissquote reported an actual capital ratio of 25.2% at the end of June, leaving substantial headroom.
The immediate negative is straightforward: crypto income collapsed, pre-tax profit declined slightly, and management cut its 2026 revenue target by CHF 30 million and its pre-tax profit target by CHF 20 million. Those are material revisions after only six months. But the numbers also show why the group spent years widening its revenue base. A 66% drop in one revenue line did not translate into a comparable hit to group earnings because fee income, securities trading, eForex and net interest income all increased.
Management kept the 2028 pre-tax profit target of CHF 500 million unchanged. If crypto activity recovers, the lower 2026 base may prove temporary. If it does not, the next test will be whether Swissquote's expanding securities, banking, eForex and Yuh businesses can continue carrying a revenue stream that was once expected to contribute considerably more.
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