Incore Bank Annual Report 2024
Business performance in 2024
The 2024 financial year was characterized by further growth, the consolidation and expansion of existing business areas, and entry into new segments and markets. Revenue increased by 14% (previous year: 23%). This growth and our continued international focus prompted us to further optimize our internal processes and monitor them more strictly. As a result, the workforce was expanded considerably. To expand our talent pool and support our international growth, we established the sister company Incore Corporate Services S.A. in Madrid, Spain.
In the fourth quarter of 2024, the Incore Group celebrated its 40th anniversary. As part of the celebrations, the rebranding under the unified Incore umbrella brand was unveiled. Its aim is to strengthen the Group’s shared identity and highlight the company’s overall scale. We also communicated our vision of establishing ourselves as a Swiss techbank with an international focus. The event was a resounding success for everyone involved. The new brand identity is also reflected in the latest annual report.
To further sharpen its strategic focus, Incore Holding acquired Maerki Baumann Holding’s minority stake in Incore Bank at the end of the year and thereby became its sole owner.
Incore Bank has been characterized by steady and solid growth in recent years and now offers a comprehensive range of modular, innovative and secure banking services as an internationally oriented Swiss transaction bank.
The unique combination of B2B banking and technology forms the foundation of our Banking-as-a-Service model, which covers both traditional and digital assets in the following business areas: Bank as a Service, Accounts & Payments, Brokerage & Custody, Digital Asset Banking, Embedded Finance, Paying Agent Services, Business Process Outsourcing and Technology Platform.
Our sister company Incore Technology supports this specialized solution with its technological expertise, providing comprehensive IT solutions and services tailored specifically to the needs of banks and financial service providers.
Business areas
In 2024, the Accounts & Payments business area again recorded strong growth, continuing the trend from prior years. Due to this further growth, particularly from new banking clients, Incore made substantial IT investments in 2024 to enable it to keep pace in the coming years.
Assets under custody grew by approximately CHF 1.2 billion, reaching CHF 12.7 billion. The result from commission business and services increased by nearly 20% to CHF 27.29 million (previous year: CHF 23.71 million). In the interest business, a profit of CHF 3.05 million was generated, which was slightly below the previous year’s figure of CHF 3.35 million due to falling interest rates.
As in the preceding years, foreign exchange trading profit remained highly stable, coming in at CHF 8.0 million. In Digital Asset Banking, Incore Bank secured important new counterparties to increase price competitiveness even further. The favorable development of cryptocurrency prices toward the end of 2024 had a highly positive impact for both our clients and the bank itself.
The newly established Embedded Finance business area was gradually set up last year and staffed with an experienced team. This represents a highly innovative and future-oriented business area for Incore Bank.
The Paying Agent Services business area exceeded the budgeted result despite the ongoing expansion of the team. With this still relatively new business unit, Incore Bank is well positioned and prepared for further growth through the onboarding of new structurers.
In the BPO and Technology Platform Services areas, Incore Bank again saw increased demand, though no new client contracts were yet concluded.
Due to the continued strong growth in 2024, the number of employees increased by 29% from 79 to 102. This resulted in a significant rise in personnel costs to CHF 17.95 million.
The expansion and business growth also caused administrative expenses to increase by around 10% to CHF 17.22 million (previous year: CHF 15.49 million). Net profit for the 2024 financial year came in at CHF 3.57 million (previous year: CHF 5.28 million). This result reflects the bank’s substantial investments in new products, technical solutions and personnel changes.
Outlook
We remain committed to our goals in the coming year and will continue to expand our business areas in order to strategically position ourselves in the market not only as a full-service B2B transaction bank but also as a dedicated techbank.
In addition to expanding our existing strategic international business activities, we are exploring the possibility of entering new markets. In the newly established Embedded Finance business area, we expect to onboard our first clients.
Building on the newly unified Incore umbrella brand, we plan to bring the individual Group companies closer together with a mutual strategy.
In light of the ongoing technological expansion and further internationalization, we are expecting further growth and success in 2025.
Peter Haist
Chairman of the Board of Directors
Mark Dambacher
CEO
Download PDF:
Incore Bank Annual Report 2024 (EN)