Swissquote Group (SQN) H2 2024 earnings summary

Executive summary

• Achieved record pre-tax profit of CHF 345.6 million in 2024, nearly reaching 2025 targets a year early.

• Net revenues reached CHF 661 million, up 24% year-over-year, with strong organic growth in client accounts and assets.

• Added 75,815 new accounts (+13.2%) and CHF 8.3 billion in net new money, mainly from Switzerland and Europe.

• Client assets grew 32% to CHF 76.3 billion, driven by net new money and favorable market performance.

• Continued focus on technology and innovation, including AI-driven products and services.

Financial highlights

• Net revenues of CHF 661 million (+24% vs. 2023), best ever.

• Pre-tax profit of CHF 345.6 million, net profit of CHF 294.2 million.

• Pre-tax profit margin at 52.3%; revenue yield of 98 basis points on assets.

• Fee and commission income grew 25%; crypto trading revenue surged 350%.

• Total expenses rose 16.5%, with CHF 7.1 million in one-off costs, including higher bonuses and marketing.

Outlook and guidance

• 2025 guidance: net revenues to rise to CHF 675 million, pre-tax profit to CHF 355 million.

• Asset growth target of CHF 7 billion for 2025, projecting CHF 83 billion in client assets by year-end.

• Interest income expected to decline due to lower rates, partially offset by favorable USD exposure.

• Crypto revenue guidance set 20-25% below 2024, reflecting market volatility.

• Mid-term (2028) targets: CHF 900 million net revenues, CHF 500 million pre-tax profit, pre-tax margin ~55%.