Crypto net income fell to $18 million from $53 million, prompting Swissquote to trim its full-year revenue target to $897 million. TradFi segments offset some weakness.
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Swissquote lowered its full-year revenue forecast after crypto net income collapsed 66.2% in the first half of 2026. The online banking group now expects net revenues of $897 million, down from a previous target of $934 million.
Crypto net income dropped to $18 million from $53 million a year earlier. Swissquote cited widespread risk aversion across digital markets that curbed trading volume and client participation. The figure also included a $6.5 million mark-to-market valuation adjustment on the bank's digital asset inventory, held to provide liquidity on its proprietary exchange SQX.
The shortfall in digital assets was the main reason for the guidance cut. Management had expected a stronger contribution from crypto trading this year, the bank said. Pre-tax profit guidance was trimmed to roughly $449 million from $473 million.
Other parts of the business offset some of the weakness. Net fee and commission income rose 13% to $152 million, helped by buoyant stock markets. Net trading income climbed 15.8% to $79 million, driven by eForex volume. Net interest income increased 7.2% to $142 million on a larger balance sheet. EForex income rose 9.1% to $56 million, supported by volatility in precious metals and commodities.
Total client assets reached a record $118.4 billion (96.3 billion Swiss francs), up 19.8% from a year earlier. Total net revenues edged up 1.7% to $447 million. Pre-tax profit came in at about $225 million, a margin of 50.2%.
Swissquote kept its medium-term targets intact. The bank still aims for $615 million in pre-tax profit by 2028. That target relies on a recovery in crypto trading volumes and continued growth in traditional banking income.
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