Blog / 24.04.2026

Incore Bank Annual Report 2025
 

Business performance in 2025 
A continued challenging economic and regulatory environment characterized the 2025 financial year for Incore Bank. Geopolitical uncertainties, an only gradually declining inflation, and demanding interest rate and capital market conditions placed significant pressure on Incore Bank’s foreign exchange and interest rate business. At the same time, technological developments and the increasing digitalization of the financial sector created substantial opportunities for innovative and specialized institutions such as Incore Bank. 

In this environment, Incore Bank was nevertheless able to hold its ground thanks to its clear business model, technological expertise, and consistent risk management. Its focus on efficient banking services, modular infrastructure, and collaborative partnerships with institutional clients once again proved to be robust and forward-looking. 

During the reporting year, the Bank consistently advanced its strategic development. Key priorities included investments in system stability and scalability, regulatory robustness, and highly qualified employees. At the same time, operational efficiency was further improved, and the organizational structure was selectively adapted to meet growing demands.

Business areas
The securities market developed very positively, resulting in an increase in assets under custody of approximately CHF 1.2 billion to CHF 13.9 billion (+9.4%), as well as an increase in commission and service income by CHF 2.3 million, or nearly 8%, to CHF 29.56 million (previous year: CHF 27.29 million).

In the Accounts & Payments business area, the Bank further enhanced the stability and scalability of its platform, leading to increased client satisfaction and a steady expansion in the number of managed accounts, despite the strategic decision to part ways with a larger client. The introduction of new automated monitoring tools improved transaction processing efficiency and enabled significantly shorter response times. Payment transaction revenues increased by nearly 10% to CHF 8.18 million (previous year: CHF 7.46 million).

The Brokerage & Custody division benefited in 2025 from a highly dynamic market environment and a corresponding increase in trading volumes, resulting in revenue growth of nearly 30% to CHF 7.11 million (previous year: CHF 5.62 million). Through the strategic partnership with SIX and the integration of a new Order Management System (OMS), clients will in future gain more direct access to selected trading venues as well as a broad range of connectivity options. To address client needs even more precisely in 2025 - such as competitive pricing, liquidity, and easy market access - Incore Bank also secured connectivity to the established exchanges BX Swiss and BX Digital.

In Digital Asset Banking, new strategic partnerships were established, products for institutional clients were launched, regulatory requirements were met, and secure custody solutions were provided. This business area showed positive development and further strengthened the Bank’s innovative capabilities.

In the areas of BPO and Technology Platform Services, 2025 saw increased demand for outsourcing solutions. The Bank successfully acquired new sourcing clients, expanded existing partnerships, and demonstrated its expertise in efficient, regulatory-compliant process execution.

Due to the declining interest rate environment, income from interest business fell sharply by CHF 2.6 million to CHF 0.43 million (previous year: CHF 3.05 million). Foreign exchange trading income also declined, closing at CHF 6.6 million (previous year: CHF 8.0 million). 

Despite challenging capital market conditions, Treasury Services successfully continued to support its core clients. The Bank made targeted use of automated control and reporting tools to efficiently monitor risks and ensure service quality. In 2025, Incore Bank also introduced «Incore Direct FX», a highly functional online trading tool for foreign exchange and precious metals, which was met with very positive client feedback. 

Paying Agent Services once again developed very dynamically during the reporting year, recording growth of nearly 40% to CHF 1.66 million (previous year: CHF 1.19 million). This enabled Incore Bank to further strengthen its position as a reliable and scalable partner in this business area. The positive development was supported by the consistent standardization and automation of processes, allowing increasing volumes to be handled efficiently and with high operational quality.

Following targeted growth since 2024, the average number of employees stabilized again by the end of 2025 after a temporary increase. This resulted in a noticeable rise in personnel expenses in 2025 to CHF 19.07 million (previous year: CHF 17.95 million). General and administrative expenses remained stable at CHF 17.28 million (previous year: CHF 17.22 million).

In this challenging environment, Incore Bank recorded a revenue decline of 5.8% (previous year: +13.9%) and a significant decrease in net profit of 79% to CHF 0.75 million (previous year: CHF 3.57 million). The decline in net profit is primarily attributable to the persistently low interest rate environment. At the same time, temporarily increased personnel costs and strategic investments in new technologies to strengthen long-term competitiveness had a dampening effect on earnings.

Outlook
For the 2026 financial year, Incore Bank anticipates a challenging yet highly opportunity-rich environment. Over the past year, the Bank has set important strategic foundations for the future and is consistently focusing on targeted growth and the expansion of its market position. 

Key priorities include internationalization, the development of new market segments, and the creation of innovative services and products to unlock additional business potential and sustainably diversify the revenue base. 

For 2026, further revenue growth and a significant recovery in overall profitability are expected. The Bank’s objective remains to further strengthen its position as a reliable and specialized B2B banking partner, to create long-term value for clients and business partners, and at the same time to systematically enhance its innovative capabilities as a foundation for future growth and competitiveness.

Peter Haist
Chairman of the Board of Directors

Mark Dambacher
CEO

 

Download PDF:
Annual Report 2025
Disclosure 2025