Good morning. Good morning, everyone. Welcome to our webcast for our half-year results. Thank you for joining us here this morning. Here on the table, besides myself, we have also Yvan Cardenas, our CFO. We will go through the PowerPoint presentation, go through our numbers, and then, of course, have the Q&A session at the very end. Let me start here directly on slide number four with our main figures for the first half. We have great numbers to report. The one we are very proud of is the first one. This is the CHF 5.2 billion of net new monies in the first half. This is obviously the very best result we ever had in our lifetime. The first and second quarter of this first half was respectively the best and second-best quarter in our history in terms of net new money.
This CHF 5.2 billion is a brilliant result for our company and shows the strong growth we are experiencing as a bank. Also, a very good number is the next one. This is the 58,000 and more new accounts that we could onboard. That's a + 9% compared to our number of clients, number of accounts. This is also one of the best numbers ever. I think there has only been one period in our lifetime that was slightly better, and it was in 2021 during COVID. We are about in the same magnitude. I would like to mention that these numbers do not account for Yuh, which we are reporting separately. I'll come to that point a little bit later. Also, the net revenues, CHF 358.2 million. That's also our best figure ever. That's a + 4.1% compared to the previous period.
The CHF 185.2 million of pre-tax profit is also the best number ever achieved. These numbers have been made in a context that was not so easy, I have to say. There were some good elements. Crypto, for example, had a good start in the year. Obviously, there were some negative elements for our revenue. For example, the interest revenue, the rates of the Swiss National Bank went down to zero, even negative if you are a bank. Despite these headwinds, we were able to produce our best results ever. We are able to increase our guidance for 2025. If we go a little bit into details of our customer growth here, this reflects what I said before. If you look at what happened over the last three half years, we went basically from CHF 3.8 billion- CHF 5.2 billion of net new monies in the half year.
Just compared with H2 2024, that's a plus of 15%. It really shows that the growth engine that we have put in place is working. You see this also in the number of accounts and the average assets per account. Here, we have now reached more than 700,000 client accounts, and this gives an average of CHF 113,000. Also, here to mention that these numbers do exclude Yuh for the time being, as we have acquired Yuh only after the end of the first half. Our very stable figures here on the average assets per account are also a testament to the quality of the clients that we are able to onboard. Where does the net new money come from? We have about 57% booked in Switzerland. This is the CHF 2.9 billion that you see here on the left. This is the usual hotspot we have.
The second hotspot, which is now also growing very nicely, is our operations in Europe, mainly our bank in Luxembourg, where you see now that we have reached also the best figure ever with CHF 1.8 billion of net new monies. If you look here at the figures, it's mainly in Benelux, France, and Germany. These are the hotspots. In the hotspot, it represents 68% of the growth in Europe, and the 32% is the rest of Europe. We are really focusing on this very targeted and very specific market where we are implemented as a bank in Luxembourg. Then we have our third hotspot, a traditional one with our operations in Dubai, where we had CHF 262.5 million of net new monies. The rest of the world, and this is mainly Asia, with a little bit smaller numbers this time, with CHF 77.8 million.
I would like to highlight the fact that in other places than Switzerland, we are earning euros and US dollars, but the numbers we are reporting here are all translated, converted into Swiss francs. There is an impact on the strength of the Swiss franc versus the various other currencies, but I'll come to that point a little bit later. If you look at the net revenues and the distribution along the different revenue segments we have, the most important ones are the fee and commission income, and it's growing. Why is it growing? Simply because we do add new clients into our systems, and these clients are obviously using our platforms to manage their wealth and do transactions. The interest revenue, if you compare it with H2 2024, there is a slight decrease.
We have slides to explain what happened, but obviously, these are the interest rates that are going down all over the world. We could secure still in H1 2025 a decent interest rates revenue. We will explain how we managed to do this. The eForex, that's the third pillar, suffered a little bit from low volatility in the first half. There were some movements on the currency, as I explained, but these were smooth movements. This is a business that thrives with volatility, and volatility was low in the first half. Trading results are mainly due to our clients making transactions in other currencies than the Swiss francs. When we convert Swiss francs to euro, dollar, we can earn a little bit of margin, so a good revenue here.
The yellow one with a very good first half is the crypto assets revenue, a little bit less than H2 2024, but still very good figures here. The total is CHF 358.2 million in the first half 2025. That's a + 4% versus the last half. If you go a little bit back in time, you see here that this is a straight line and an increase in revenue half year after half year. Let's talk about the client assets. We have now CHF 80.4 billion client assets. That's also our best figure ever. We've never reached CHF 80 billion in our lifetime. It's mainly invested in securities, up to 85%, and 15% is invested in cash, out of which half of the 15% is in Swiss francs. The rest is mainly US dollar and euro.
If you look here, if you go from H2 2024 to H1 2025, and if you forget about the net new monies here, the CHF 5.2 billion, you see that there is a slight decrease. This is not market performance. This is really mainly driven by the currency. Swiss franc is a very strong currency. Obviously, in Europe and in our US dollar places, Singapore, Dubai, we are earning US dollars and euro, but we are reporting in Swiss francs. This explains why there's a small drop here. All in still, despite these headwinds, we have our very best client assets at CHF 80.4 billion at the end of H1 2025. The 91 you see here, that's the margin on assets. This is also a very stable figure.
At Swissquote, we are around 90 basis points, and that also speaks for the quality of the assets that we are able to onboard. If we continue to grow the company as we do and earning net new monies, then this obviously will translate into revenues as we are earning, on average, 90 basis points on the assets that we are able to gain, that we are able to catch from the market. If you look at the customer profile here, we start on the right side. We have this CHF 358.2 million. That's the revenue. Per segment, the biggest part is B2C. That's up to 71%. Then we have a decent B2B2C or B2B, our business with institutional clients. This 2/3, 1/3 figure is also very stable. It hasn't changed a lot.
If you go back in our older presentations, you will see very similar figures there. The same thing here for the net revenues by customer domicile. The only change here is that now the rest of the world is gaining in importance. It only represents now 59%. The revenues booked in where the domicile of the clients are in Switzerland, 59%. You see, especially in Europe, that is now gaining steam. This is a tribute to our development efforts and our strategy in the European markets to gain market share. The next slide now is the revenue by asset class. These are slides we are very proud of, especially the left one. It shows how diversified our sources of revenue are.
We are making revenue with different asset classes, of course, cash for now being the biggest one, but it decreased a little bit as the interest rates are going down. We are gaining our revenue with fixed income, with shares trading. We are trading foreign exchanges, crypto assets. You can see here the distribution. It's a very balanced and very nice figures. This also explains why on the right side now, the revenue is balanced between transactions and non-transaction based. This half-half is a historical figure that's very important to us because we want to keep this in the future. We aim to have revenues not only when people are making transactions, but also with non-transaction-based revenue that stabilizes the entire systems. That also explains why our margin on assets at 91 basis points is so stable over time.
One slide that I would like to take a little bit of time to explain. Here on the left side, you see the increase in expenses. As the company is growing, the expenses are growing as well. In H1 2025, we have a cost stroke of CHF 173.5 million, which generates the profit we made in the first half. If we deduct this from the revenue, we generated a pre-tax profit of CHF 185.2 million. We are a little bit above guidance. We are above guidance. The implied initial guidance of CHF 160.5 million can be explained by the guidance we gave. We basically say that at the beginning of the year that in 2025, we will do CHF 675 million of revenues and CHF 355 million of profit.
If you deduct the 355 from the 675 and you divide by 2 for the first half, it gives you a cost block of $160.5 million. That's the initial guidance. What happened in the first half, 2025? First of all, we hired people. This is a strategic move. This explains the 4 additional million here. You can see on the right side where it's written higher headcount to strategic decision. We think that it's a very important moment in time. There are lots of possibilities, lots of developments, namely in AI, where we are very active. This is one of these moments in time where you really have to put the effort and invest in your future just to be ahead of the competition in terms of developments and products you're bringing to the market. We have a very large portfolio of products from a neobank to various products.
This, of course, needs to be developments. We need to keep development to be able to be competitive in the various markets. This is a decision that has been made by the management. We said, okay, let's invest in our technology. Let's invest in our future. This only explains part of the increase here. If you add all these figures here, you end up with $167 million for the first half. We published $173.5 million. I would like to explain a little bit the difference. One part, the $1.8 million, this is mechanical. This is due to variable remuneration. We accrued a little bit of also on costs for our profit award. As you know, if we are doing better numbers, then we have a little bit higher variable costs. This is explained by that. We also increased our provisions a little bit.
Our CFO later will be able to give you a bit more details about that. We thought it's a good moment to increase our marketing expenses in the first half. The markets were so good. There was so much activity in the market that we thought this is the moment where you have to invest a little bit of marketing money. This explains why we have $175 million. Going forward for the second half, you will see that we do not forecast $173.5 million of costs in the second half as part of this here. One of us that will not repeat necessarily in the second half. More to this later when we come to the guidance for the entire year. Speaking about headcount, we now have 1,329 full-time equivalent at the end of the first half. It's a good mix.
You see that more than one-third of our workforce is our tech team. That's very important for us. We are investing in our technology. We are constantly developing new features. We are a tech company with a bank license, obviously. We are still, in our DNA, a tech company. If you add the certified %, the 21%, which are along sales, trading, and marketing, then more than half of the company is here to grow the company. The other half is here to make sure that we do this in a compliant way. Obviously, we need to have compliance and risk staff. We need to take care of our infrastructure, the back office, and the support, customer care, notably. This is the rest of the workforce.
A structure that is tuned for growth, we could cut the headcount if you would want to do so, but that would not be a good idea since we are so convinced that with our technology, we will be able to gain further market share in the coming years. Now, the profitability, we're starting with our $80 billion of client assets. As I explained already before, we do an average margin of 91 basis points. At the end, what is left on the table as profit is 47 basis points on the $80 billion of assets. Here on the right, you see also the nice development of our profitability. It's quite extraordinary how we were able to develop pre-tax profit half year after half year without interruptions.
I tend to repeat myself, but each time I do a press conference, I have the happiness to say that we did our best quarter, our best half year ever. There's no exception here in 2025. We also did our best half year ever on the pre-tax profit and on the net profit here in black, a little bit above $150 million for the first half, 2025. Now, let's have a look at our balance sheet. The balance sheet is sound and solid. The first thing we would like to mention a little bit is that now our total balance sheet is growing strongly. It was more than $1 billion from one half from the 31st of December 2024 to the end of the first half, 2025. It's $1.1 billion more. Now, we are at $14.4 billion. We're not far away from the $17 billion. We're getting ready for that.
Why is $17 billion such an important number for us? It's because when we reach $17 billion, we will become a category 3 bank. This will have a certain number of impacts. We're coming to that point a little bit later. This will be a smooth transition, I have to say, because on many aspects, FINMA does already consider us as being a category 3 bank. Especially in assessment letter or the various audits and control and supervision, already considered that we are a category 3 bank. Formally, this will happen once we reach the CHF 17 billion of assets. If we continue to grow the company as we do, this will be something between 2026 and 2027. Of course, we're getting ready for this move, which is now anticipated.
If you look at the structure of our balance sheet, first of all, on the right side, you see the distribution in various currencies. About less than half is Swiss francs. All the rest is in US dollars and euros. These are the two main currencies. This also actually is quite of an achievement because we are, in a certain way, an export company. We're earning euros. We're earning US dollars. We happen to report our figures in Swiss francs. There is an impact. You know, when the US dollar is going from one Swiss franc to $0.80, obviously, this has an impact on the reporting currency. Despite all this, we would manage to have better numbers in 2025 than 2024. What are we doing with the cash from our clients? We are mainly putting it at central banks. You see the CHF 5.3 billion here are with central banks.
We have a few treasury bills. We have some deposits with other banks. This is the liquidity portfolio, which is generating some revenue. I have a specific slide to explain that. You see here that we increased our investment securities portfolio from CHF 2.9 billion- CHF 3.7 billion. This obviously was anticipated to catch a little bit more return as the interest rates are going down. The loans, so many Lombard loans, have had a very sound development from CHF 1.1 billion- CHF 1.3 billion. This is due to our client demands. They have the feeling that this is now a good moment to invest, that the markets are good. When this is the case, they take more leverage to be able to invest in successful market opportunities. If you look at the leverage ratio here, the leverage ratio is at 7.4%.
That's obviously much higher than the minimum of 3%. Liquidity ratio is good as well, far higher than 100%. The funding ratio at 244%. The interest rate risk at 3.2%, which is obviously far below the max of 15%. A very solid and a very sound balance sheet. As always, at Swissquote, this is something we're very careful with. We're careful in the way we invest our clients' assets. We stay cautious in everything we do. Now, let's have a look at the interest income contribution, also a traditional slide at Swissquote. We start on the left side with the CHF 80.4 billion of total assets. Out of this CHF 80.4 billion, we have 15%, which is liquidity, cash, basically, deposits. This 15% represents CHF 12.2 billion. You see here the distribution: 58% is liquidity portfolio, and 42% are loans and investment securities.
42% of CHF 12.2 billion here on the right side represents CHF 5.1 billion. Out of this CHF 5.1 billion, we have our margin lending portfolio, so basically the Lombard loans, and then the investment security at CHF 3.7 billion. You see here a little bit of the distribution and the way we are investing. This contributes to the net interest income of CHF 108.1 million. The rest of the portfolio, 58% of the CHF 12.2 billion, is what we call the liquidity portfolio. That's CHF 7.1 billion. This is distributed in the various currencies. The bad news for us is that the Swiss francs doesn't bring any more return. We went from 0.45% to -0.04%. Obviously, if we leave now the cash just at the Swiss National Bank, this does cost us something and at least not generating any more revenues.
It's a little bit of a different story still in US dollars and euro, even though in euro, it went down from 2.9%- 1.9%, so a steep decrease. The US dollar, as you know, stayed stable at 4.3%. We do anticipate rate cuts in our forecast in the second half, 2025. All this combined generated CHF 108.8 million of net interest income. Adding this to all the rest generates the CHF 358.2 million of net revenues we have in the first half, 2025. Now, let's have a look at the equity. We reached CHF 1.2 billion. Sorry, we reached CHF 1.2 billion. At the end of 2025, obviously, the best figures ever. Why is our equity increasing? Simply because we are adding profit to our equity base half year after half year.
This also explains why from H2 2024 to H1 2025, the Tier 1 capital ratio increased to 27.4%. Here the FINMA requirements, the 11.2%. This is still the requirement for a CAT 4 bank. Once we be a CAT 3 bank, this ratio will increase to 12%. Now, I have the guidance for 2025. What did we do? We obviously know what happens in the first half precisely. These are the numbers we're reporting. Now comes the question, what will happen in the second half? You know that at Swissquote, we have a tradition of overachieving our guidance. We stay always on the cautious side. What we did, we took our initial guidance made at the beginning of the year. We assumed that we will do our initial guidance in the second half of 2025. We add the results of the first half, 2025.
This gives you an outlook of around $700 million of revenue, staying again a little bit on the cautious side. The new guidance will increase from $365 million in 2025. Obviously, an increase compared then to 2024, an increase of 6% on the revenue side from $661 million- $700 million, and an increase of 5% on the profit side from $346 million- $365 million. Remember, 2024 was an exceptional year. 2023 was as well. The growth here slowed down a little bit. It is made in an environment that has become more difficult, mainly due to the drop in interest rates. We think that the growth machine will be able to more than compensate the drop. We will be able to grow bottom and top line in 2025. We haven't changed our longer-term guidance for 2028.
We still think that we'll do half a billion of profit once we reach 2028. Now, looking at the $365 million, this seems to be something achievable. The slides margin on assets here. If we take the guidance for 2025, the average assets, we think that we'll have $84 billion of average assets if we forecast the similar growth in the second half of 2025 as in the first half of 2025 on the net new money inflows. If we take the average assets, then this will be something around $84 billion. We have put some basis points in our three main segments. We kept the trading activity stable for the entire year compared to 2024 at 52 basis points, a decrease on the interest revenue for obvious reasons from 33- 26. We stay a little bit cautious on the net crypto assets, going down from 13- 10.
Fewer basis points compared to 2024. Since we had such a high growth in client assets, this will overcompensate the various headwinds we have and allow us to make a record 2025 in all dimensions. To close my presentation before opening the Q&A session, you have certainly seen that we have acquired Yuh. We paid $180 million for that. Actually, half of it since we owned already half of Yuh. The other half was owned by PostFinance. We agreed to buy the other half for $90 million, valuing the company at $180 million. We think it's a good transaction for all parties. For us, it gives us the possibility to really invest in our future, in our technology. We think that neobanks will be the banks of the future. We have to be present in that segment. We have become number one in Switzerland. That was very important for us.
The intention is to grow this even further. If you look at the growth story of Yuh, it's a very young company. It was founded in 2021. We now have, in the meantime, more than 350,000 accounts. We're growing at the rate of around 2,000 new clients per week. With a growing pattern, we have also, on the asset side, we now have CHF 3.2 billion of assets. People are not only opening accounts, but they're also putting money and then using the accounts. We have a very high satisfaction rate of more than 70%. It's a very good product. It's very appealing to our customer base. They love the product. We have lots of ideas how we can even develop it further in the future. The number of employees is 63.
Now that they have been acquired by the bank, by the group, they will be reported in full when we do the 2025 figure. What we found interesting is the combination with Swissquote. Let's have a look here at this very colorful chart. If you look on the left scale, from brokerage only to full-fledged banking, and on the scale below, from retail to high net worth individuals, you see now that we occupy a very large scale. We are able to target retail clients, but we are also able to target high net worth individuals. This is our two-brand strategy. We want to keep the brand Yuh. We think it's a fantastic brand. Of course, we keep our brand Swissquote. You see also that it's not exactly the same client base. In Yuh, it's a younger, more active client base.
On Swissquote, it's a more established one where the average age is between 30 and 60 years old. On the left side, with Yuh, we want to be the cool, trendy, and reliable mobile app only. You can't use, there's no websites to make transactions with Yuh. That's on purpose. It's a mobile, it's a telephone, mobile banking. On the right side, with Swissquote, you have the full service level, including the various platforms and portals and applications we are using on the web. Together with Swissquote and Yuh, we think we have a very good offering that is organized for the future. Sorry for my voice. I have a little bit of cold. That would conclude my presentation. There are a few appendices here that I let you go through.
If you have questions, we'll be ready to answer now. I just want to mention on November 7, I will be at ZKBS Swiss Equity Conference. I will be physically present there if you want to participate. The presentation of full year results is foreseen for March 19 next year, and we have the AGM on May 7. This concludes my presentation. We are now happy to take some questions.
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume of the webcast while asking a question. Webcast viewers may submit their questions in writing by the relative field. Anyone with a question may press star and one at this time. Our first question comes from Christoph Blieffert from BNP Paribas. Please go ahead.
Yes, good morning. Thank you for taking my questions. I would like to start with client growth, please. Client growth has been pretty strong in the first six months of the year. From your perspective, what has been the main drivers for the strong client growth? What are your expectations for the second half?
Thank you for the question. Yes, client growth has been exceptional in the first half. It has been exceptional in the first half. For the precise numbers, I will give over to the CFO. On why are we growing and why are we able to onboard new clients, it's simply because the brand is increasing more and more. We are now better known in Europe. We have a good quality of product. I think the partnership with Wi-Fi is bringing a lot of traction to the brand.
At the end, we have positioned ourselves in a segment that is, for us, an interesting one. We do not want to compete with the zero brokers. We do not want to compete with Robinhood or Trade Republic or flatex DEGIRO. We think that our offering is broader in terms of service levels. We are also able to have a little bit of higher prices. It's a sweet spot to be. We are growing the number of accounts because our brand and the product is appreciated by our clients. Now, for the figures in the second half of 2025.
Yes, hello, Christoph. The target we have on a yearly basis is CHF 7 billion. This is a target that we have. It represents more or less CHF 3.5 billion per semester. This CHF 3.5 billion is the assumption we have for the second half. If you then later look at slide 21, you can see that we basically forecast CHF 84 billion of client assets at the end of 2025, which basically is today's client assets +CHF 3.5 billion net new money.
Can you maybe comment a little bit on the Credit Suisse UBS situation and the strong demand for crypto trading at the moment, your positioning, and how this is supporting client wins? Thank you.
Yes, there is a Credit Suisse effect in our client growth. We can see it because we know where the assets are coming from. It was foreseen and forecasted. It's ongoing, actually, now that the combination of Credit Suisse and UBS is now taking steam. There are some clients that do not want to make the change. They think we are a good alternative because, again, our service level is very complete. What was the second part of your second question? Sorry.
The importance of crypto trading and the [high demand] that you're supporting.
As you know, we have probably the biggest crypto exchange in Switzerland. We invested in crypto since the very beginning. We have all major cryptocurrencies that we are able to trade. You can do staking. You can deposit your crypto at Swissquote. We have incredible liquidity. We are teaming and partnering with all the major exchanges in the world, with all the major liquidity providers. We have a very good product. We have now more than CHF 5 billion of crypto assets in total. Out of the CHF 80 billion, CHF 5 billion are invested in crypto. We have the feeling that it's becoming mainstream. There is no doubt any longer that this is just a momentum in time and/or a scam and that these crypto assets will disappear. We really think that Bitcoins, the big cryptocurrencies, are here for the very long term.
Obviously, it has to do with the push by the U.S. administration, who are investing a lot and creating a lot of legislative acts. The GENIUS Act actually gives a legal framework to the cryptos. Same thing in Europe with MiCA. Same thing in Switzerland. It is a very important segment for us. We know by our history. If you look at the figure here, if you look at the volatility in the yellow part, you see that there is volatility there. In 2023, when it went down to 3 basis points, this was an exceptional year where there were doubts, actually, that the crypto may survive over the longer term. I think this is out. We don't expect this to go down to 3 or to go down to 5. 10 basis points is a conservative number for 2025, just because we like to be conservative.
Thank you for that. The next question is on your crypto exchange. I mean, I try to better understand the growth potential going forward. Could you maybe share with us the share of internalized crypto flow in H1 and the potential upside and your levers to further bring the internalization of flow of crypto flow further up?
Yes, I think, generally, the growth is linked to regulation. We have a bank in Luxembourg. We do offer crypto trading from there. We are in the process of obtaining a CASP license so that we can be a crypto asset service provider. It's a regulatory process that takes a little bit of time. There we see the biggest growth opportunity for us because having a licensed exchange where we can target the huge European market is a big advantage for Swissquote.
Yes, I think, what I can tell you, Christoph, is if you look at the crypto asset income, we did, in terms of crypto asset income, just let me check the numbers again. The trading income revenue, we did CHF 43 million. This is split between fee and commission income and trading income. The part that we record in trading income is certainly related to, I would say, the synergy or the benefit of the crypto exchange. You see that we did the CHF 3.8, 3.9 million in trading income. We did a bit, the exchange had to increase by around 10% the revenues of the crypto asset class. This is a bit of an indication I can give you. The volumes, they were pretty good. If we can improve any time 10%, 15% the revenues, I think I will be certainly happy with this number.
Okay. As a last question, the last question is on your investment portfolio. I mean, you enlarged it again quite a bit. Here, it would be helpful if you could share the risk-weighted asset consumption from this increase. If you could also share with us the proportion of the book which will expire in the next 12 months. Thank you.
Yes, I think the risk-weighted assets are not disclosed. I think they probably somehow correlated with the growth of the balance sheet. If the balance sheet does grow like 8%, we certainly can expect a slight increase of the risk-weighted assets. Again, no information is provided today. It's true that we will face a few expirations, most in particular next year. This is certainly something you can check when looking at the annual report of 2024. We are as well anticipating a little bit these expirations, in particular in foreign currencies. At least part of the expirations of 2026 will be anticipated in 2025.
Very helpful. Thank you.
Thank you.
The next question comes from Miriam Kilian from Deutsche Bank. Please go ahead.
Yes, hi. Thank you, guys. First question would be on revenue components, so mostly crypto and the net eForex income. I'm looking at data from other houses and specifics who would have expected a bit more for both components, especially for the crypto component. Maybe you can share some more color on the developments over the last six months here. I'd be happy with any information I can get.
Cryptos, there are various ways to look at it. Cryptos, I think we showed numbers that were above initial guidance. The guidance is always able to be conservative. We had a strong start in cryptos. I would say at the end of the semester, things became a bit more, they started a bit to slow down. Crypto assets always show a certain volatility. I think we still could generate a solid number. It's true that compared to H2 last year, where there was certainly more euphoria, it's a bit disappointing. Moving forward, I think it's still a good number. Strong start and then May, June, a bit less of activity.
All right, got it. Thank you. Next would be on costs. Do you expect marketing spend to stay high in the second half of 2025, especially with the full acquisition of Yuh? Maybe you could provide some more information on the provision costs in the first half.
Yes, the initial budget for marketing was CHF 35 million. It's true that we are above budget for the time being, but it's explained as well by the momentum we could see on the client acquisition side. Should things continue with the same momentum in terms of net new money inflows and client acquisition, we could end up with a higher number. Should things, let's say, normalize and be more in line with the initial guidance, then I would expect marketing to be closer to the initial budget. I don't think it's because we spend a bit more in H1 that we don't necessarily think we could be in the budget. Specifically to Yuh, it's true that now we'll fully consolidate Yuh in the second half. In the press release, we mentioned something like CHF 10 million additional net revenues.
Yuh, being break-even or slightly profitable, in fact, will add CHF 10 million of revenues and CHF 10 million of expenses. It could be a bit of marketing, these CHF 10 million of expenses. There is somehow a slight decrease of the pre-tax margin because of the full consolidation of Yuh for the time being.
All right, thank you. That already answers my next question. The final question would be on the guidance. We were wondering a bit why we do not see a benefit from operating leverage. Net revenues increasing 6% and profit before tax only 5%. That would be the last one.
It's certainly somehow explained by Yuh, as I mentioned. Because in fact, if you do it quite simplistically, you take H1 actual numbers. You take the initial guidance divided by 2. Clearly, there are a few adjustments. You had somehow $10 million on revenues and $10 million on expenses because of Yuh. It means now we are Yuh for the time being. We had $10 million of revenues without any incremental pre-tax profit or a very limited incremental pre-tax profit. If you look at H1, we consolidated 50% of the profit of Yuh. It was half a million. I think it's a bit the effect of this consolidation of Yuh that is growing positively, that reached profitability earlier than initially expected, but is still showing a limited profitability compared to Swissquote today.
All right, got it. Maybe adding on to that, do you have any more financials that you can provide for Yuh other than the ones that we already know?
I think it will be an interesting second half release because now Yuh will certainly transform a bit the way we report numbers. For the time being, there is not much I can share. Perhaps looking at the annual report of 2024, you may find a bit more information, in particular on the notes related to related parties. Have a look. This is a bit what I can say.
All right, thank you.
The next question comes from Daniel Regli from ZKB. Please go ahead.
Good morning. Thank you for taking my questions. First, I would like to talk a bit about slide 21. First of all, just to clarify, maybe I have misheard this in your comments. I heard you say that the 84 is the average AU or client assets for 2025. This is probably a year-end, right? I think.
Yes, you're right. You will have to calculate the average by yourself, Daniel. I'm sorry.
Okay, no problem, no problem. I think I should be able to do this. Just when comparing the numbers you gave or you give on this slide with the old numbers and kind of implying certain revenue lines, I see the biggest discrepancy to the previous guidance on the net interest income, which is now implied, give or take, about CHF 209 million, whereas it was previously about CHF 190 million. Almost + CHF 20 million. Can you just explain this to me? Is this driven by you? I just noted that the US dollar deposits have come down quite a bit, and Swiss franc deposits have increased where you have a very low margin. I wondered why you now expect more interest revenues, even though US dollar deposits have come down.
Yes, Daniel, I'll try to answer it. Marc, if you're telling me to answer the question. I have to say, we could speak one hour about the topic. I'll try to make the answer short. We have interest rates declining on Swiss francs. On euro and USD, they declined a bit on euro, but they remain relatively stable. We have a growing balance sheet. That's true. This helps. When you look at the balance sheet, you see you have to pay attention to the pattern of non-CHF deposits. If the Swiss franc is stronger, even if the deposit remains at the same level, when I will basically prepare my balance sheet, you will see a decline in USD balances because of the difference, the change of the USD CHF FX rate. You need a bit to pay attention to the FX impact.
These USD deposits will generate interest income as well in USD. Here, we have partially or for a substantial share anticipated a bit this at the beginning of the year because we hedge quite a part of our expected USD revenues at the beginning of 2025. This is mainly linked to the fact that we have a bigger balance sheet, so more deposits initially expected. As you mentioned, and as I mentioned before, you will have around $10 million of revenues in H2. There is a bit of interest income in this $10 million. There is as well a Yuh effect.
Okay, yeah, this makes sense. When talking about Yuh, you said about $10 million of revenues will be accrued in H2. Probably full year was about $20 million. Can you give us a little bit of a breakdown how much of this $20 million is coming from net interest income and what is kind of other non-interest income?
I'll not be able to answer your question necessarily today. What I can say, and there is a technicality, we say CHF 10 million more. Why CHF 10 million or why only CHF 10 million? Swissquote, till today, was a service provider of Yuh. We were already charging fees to Yuh for the services delivered to Yuh. Now that we will fully consolidate Yuh, these existing revenues at Swissquote will basically be eliminated when we consolidate Yuh. On the other side, we will consolidate all the revenues of Yuh. In fact, Yuh is generating a bit more than CHF 10 million in the second half. We will basically lose, from a consolidated standpoint, the ones that we were charging Yuh for the service delivered. In the annual report 2024, in the notes about related parties, you can see how much we charge Yuh in 2024.
There is a bit this aspect that some existing revenues of Swissquote will be transformed in other revenue categories. They were before in commission income. The incremental revenues are the revenues of Yuh, less the ones that we'll eliminate in the consolidation process. I hope it's not too technical and I'm not going too fast. For the split, I'm afraid you will have to wait. You can imagine it's a bit of interest income, commission income, crypto asset income, and trading income. For this, you will have a bit to wait.
Fair point. One question on the cost development. We have, let's say, now a bit of a history of cost increases, obviously in a good environment and driven by growth. Can you give us kind of a sense of what you think about costs, looking into 2026 or 2027? How should we think about the cost line developing a little bit more longer term?
There is a slide about expenses where we try to reconcile a bit the initial guidance and the actual level of expenses with an intermediary subtotal that is here somehow to help a bit the analysts to project in the future. What I will say is basically what we're saying is we have strategically decided to increase the tech power force of Swissquote and probably to deliver faster initiatives that in a normal situation would have probably been delivered later on. I think we probably have somehow anticipated a few hirings in the field of technology. Instead of hiring these 30, 50 people, let's say, in the next two years, we have decided to hire them today. The idea is really to broaden the product offering and build scalability. We have this 55% pre-tax margin objective for 2028. We took this strategic decision in light of our commitment for 2028.
The profitability should continue to grow. As we mentioned when we published 2024 numbers, in the very short term, it could be that they don't necessarily have a significant increase because we knew we had this initiative.
Okay, one last question from my side on the eForex business. There, obviously, similar to other participants in the call, I was a bit disappointed about the development there. I think we also have a couple of quarters or semesters in a row where revenues are coming down. Is there any kind of silver lining at the horizon that we should see the eForex revenues picking up again? Should we expect this to continue to go down over time?
It will probably be stable at the level where it is now. Now, it's a business that comes a little bit under pressure from the regulators in Europe. The time where you could make easy money with eForex is probably gone. There are a lot of restrictions in Europe, a lot of restrictions in Switzerland. This has an impact or had an impact on the business as such. Now it is stable. I think the ESMA in Europe has now stabilized their various guidance. The leverage limits now have been set. We don't expect these to change in the future. It's a highly regulated business that is in the process of being cleaned up.
If you look in Cyprus, for example, there's not a week where you see that the CFD or eForex service provider has been closed by the regulator, which is good news because there were some very bizarre, very ugly business models out there. This is not the case for Swissquote. We think that there will be some kind of a consolidation happening that will benefit Swissquote. Fundamentally, we don't see this decreasing further in the coming months. However, there is an external impact that is difficult to control, which is the volatility. As soon as the volatility will pick up again in the main currencies, which is the euro dollar, volatility means not that the trend, which was quite strong in the first half, but really the volatility around this currency pair. You would see the revenue change generated in this segment increasing again.
It is an important segment for us. It's a historical segment. We have made developments, and we will continue to do developments. We have our subsidiary in Cyprus that is gaining steam. We don't see this business disappearing from our revenue mix in the future. I'm confident that with a little bit higher volatility and maybe the second half will reserve some surprise from that standpoint. It's driven by macroeconomics. It's driven by politics. It's driven by a lot of things. You know that on that front, many things can happen in the second half. We are still positive about this business.
If I may add something, eForex is a combination of various underlyings. You can see it in our segment reporting. They are basically FX, precious metals, could be commodities, stock indices. In FX, volatility was low. This is a matter of fact.
On the other asset classes, because of the turbulence, we increased margin requirements during H1 2025. This has as well prevented somehow the business to grow much because we wanted to stay on the safe side. Now, these margin requirements, it could be that we relax them in the second half to normalize margin requirements. For the time being, they're still at a higher level than in a normal situation. This has probably impacted the eForex business in the first term. The second comment I would like to make, on the other hand, you see trading income growing quite in a healthy way. eForex is a leveraged FX business. Trading income is a non-leveraged FX business. We as well put more efforts on the non-leveraged FX business because we think it's more sustainable moving forward. Yes, eForex, I would agree, it's a bit disappointing.
There is a context to take into consideration. On the other hand, we have this development of trading income, which is as well probably a positive surprise on the other hand.
Okay, that. Set you for the explanations in traditional color. We are very much looking forward to host you at our conference on November 7th.
Okay, same here. Thank you.
The next question comes from Haley Tam from UBS. Please go ahead.
Good morning. Thank you very much for taking my questions. Can I have three very quick ones, please? Firstly, could you help me understand the reason for the increase in provisions in the half year and whether this is something that might continue? Secondly, can you give us an idea of how much of the net new money in Switzerland that you got was from clients who are new to Swissquote versus maybe an increased share of wallet with those who already had accounts with you? A third final question is, in terms of current trading in July, perhaps, can you give us any comment on the impact of the GENIUS Act, perhaps on crypto volumes for you and also whether you've seen any increased deployment of the cash deposit balances into trading with your clients? Thank you very much.
I'll start with the provisions.
Yes. The provisions. When deciding on provisions, it's always a bit of management judgment. My reading as a CFO is that while we basically have 0.5% of projected net revenues that have been booked as a provision in the context of a semester that was of high volatility and turbulence, uncertainty remains. The company is facing a strong and rapid organic growth. I think it's a bit to mitigate any potential risks that we may face from claims of customers, etc. It's a bit of an assumption that management is applying when looking at the numbers. This is a bit the high-level explanation I can give. I'll first take the one on the cash deposits. Today, they represent 15% of total client assets. I have to say this is the average level between 15% and 20%. This is historically the level of client assets.
Even when rates were negative back in 2015 to 2022, we could see these cash deposits being between 15% and 17%. We don't expect major change in this allocation for the time being. The others, Marc, you want to take them?
The last one was on crypto, right, with the GENIUS Act and all that. There are some interesting developments, especially that apparently you will be able to invest cryptos in the 401 (k) saving accounts in the U.S. Whether this will have an influence in Europe and in Switzerland as well, I think it has a marginal influence in the sense that it's becoming mainstream. I could see that the banks that have not yet a crypto offering will have to provide one because that's a strong demand from the clients. We also have a very good B2B service here. We are offering our exchange to third parties, to institutions that are using our liquidity. I think we are well positioned.
It's an indirect effect of the GENIUS Act in the sense that if you would have asked the questions two years ago to the banking community in the U.S. and in Switzerland, do you think crypto will survive over the long term, you would have half of the bankers who would have said, no, I don't think so. It is just some kind of momentum and then it will disappear. Now I would say 100% of the bankers are saying that this will stay for the longer term. This obviously is pushed by new legislations in the U.S. and the general use of crypto as more than just investments, but potentially also like a payment token in the U.S. In Switzerland, we are lagging a little bit behind. It's still very complicated in Switzerland to create stable counts. We're not in that business.
Probably in Europe and in Switzerland, the legislations will have to adapt to what is happening in the U.S. Does that answer your question?
That's very clear. Thank you very much. If I can just follow up on the share of your very strong net new business, net new money, in Switzerland, how much of that, help us think about how that might be benefiting from winning new customers versus maybe just getting more share of wallet from those who already had accounts with Swissquote but maybe not their main banking relationship. Thank you.
Yes. I would say it's probably there is part of it comes from existing customers. Now, the CHF 5.2 billion, they probably explain by the strong increase in account opening. I would say it's at least half, half, if not 60/40. 60 new customers and 40 existing customers.
Thank you very much.
Thank you.
The next question comes from René Locher from ODDO BHF. Please go ahead.
Good morning all. Just a few follow-up questions. First of all, just to clarify on the 2028 guidance, right, we are at CHF 900 million net revenues, CHF 500 million pre-tax. As I understand, you stick to the CHF 400 million total expenses, which would then lead to the 55% pre-tax margin. This is the first one.
Yes. For the time being, you know that we published an outlook 2028 in March 2025. Today, in August 2025, we're not changing this outlook for the time being. It will certainly provide a bit of transformation in our numbers in the short term. This we definitely acknowledge. With the growth that you are currently showing, and have a look at the slides, the growth is really a double-digit spectacular. You know, we think it will contribute and help to reach these outlook 2028 objectives. No change in this respect.
Okay. Marc mentioned AI. I would really, but I wonder a little bit, you know, what could be the next big thing, you know, but I think it takes too long. I go to my second question. That's on slide 17. I was also surprised, Sonia, you know, that NII is going up, you know. I'm wondering how many rate cuts you have included on the US dollar side in HQ. That's the first thing. The second one is, I was expecting that you are increasing your investment securities from $2 billion- $3.7 billion. I was wondering, in your budget, is there a further increase in these investment securities?
To take the first one, yes, I think if we would check today the debt securities portfolio, there is an increase. Mainly, I think the cash came from Christoph Blieffert of BNP because we aim to anticipate some expirations that will take place in 2026. Now, if I know I have a few expirations, and a few, let's say, expirations in USD next year, I think we better anticipate today these expirations. Temporarily, we could basically have more debt securities at the end of 2024 with the aim to come back to a different situation in the course of 2026. In terms of trades, we, as always, apply what we do consider as market assumptions. We don't have any personal view on interest rate cuts. We basically choose what the market is pricing. I can check into details if you want. I'm afraid I don't necessarily know them by heart. On USD, I think, two to three cuts, having in mind that one in December will not impact our numbers at all.
Yes. Yeah. That's about, I mean, this morning, it's two to three rate cuts. That's fine. I think I'm the only guy who is not fully convinced of this new acquisition because now for 20 years, I have seen margin going up at Swissquote. I have seen average assets per client going up. Now you are acquiring Yuh. I do believe this will dilute your margin in the short to mid-term. You know, I fully understand the rationale, you know, but I do believe that in the short, medium term, it could have a negative impact. I'm kind of saying now, wherever your margin of 63 bps as Yuh, I mean, you are at around 90, average asset is at CHF 9,306. You are at CHF 113,000. From that point of view, it will be interesting to see how these things will develop. Again, this is it. Thank you very much.
Thanks, René.
The next question comes from Baptiste De Leudeville from Kepler Cheuvreux. Please go ahead.
Hello, Marc. Hello, Yvan. Thank you for taking my question. Question on the assets. You have a forecast of CHF 84 billion assets at the end of 2025. I don't understand that number. I assume it doesn't include the new acquisition and the CHF 3 billion additional assets, right? If we start from the end of 2024, assets were CHF 76 billion, and then you have CHF 5.3 billion in H1. You expect a CHF 3.5 billion in H2. Maybe there is some forex, maybe some market performance. I don't know. Can you help me on that?
I'll explain to you, Marc, if you give me the possibility. It's very easy. We have CHF 7 billion of net new monies as a target per year, basically CHF 3.5 billion per semester. At the end of June, we have CHF 80.4 billion and something. Here, if we do not count the new accounts, at the end of June, you are a B2B customer of Swissquote because it's basically depositing cash and assets of underlying customers at Swissquote. The assets of Yuh at the end of June are already in the books of Swissquote as a B2B customer with a B2B revenue margin on assets. Now that we acquire Yuh, we'll disclose a higher number of accounts because we'll include the number of accounts of Yuh in our total accounts.
These assets will not increase the level of client assets, but be transformed from B2B assets to B2C assets and as well capture the entire revenue margin of the business of Yuh. When we compute the CHF 84 billion, we take the CHF 80.4 billion and something plus CHF 3.5 billion, being the 7 divided by 2, and you result in the CHF 84 billion. There is no additional amount to be taken into consideration, either related to Yuh or related to market performance because we have no assumption on the market performance.
All right. Very clear. Thank you, Yvan. Second question, you mentioned this license in Luxembourg. It's a license, I guess, for maybe being a crypto service provider, I guess. I want to know to what extent it can unlock new revenues in the crypto segments in the European region. How is it important for you? Thank you.
Yes. It's a very good question. We are already offering crypto trading in Luxembourg at a time where the MiCA regulation was not in force. We have a grand filing to offer crypto trading in Luxembourg. Obviously, to advertise this all over Europe, you need to have a CASP license. This takes a little bit of time. We are in the process of obtaining this CASP license to then be able to advertise our offering all over Europe. We have to refrain ourselves for now. We can't say trade crypto, for example, in Germany as long as you don't have this CASP license. It's really about that. It's about targeting the markets in the hotspot where we are active already. For now, we do promote the bank, and then the clients say, oh, by the way, you can also trade crypto. That's good news.
Specifically, to target crypto traders, you need to be licensed in Europe somewhere. That's the strategic aim that we currently have. It's a lot of regulations and sometimes contradictory a little bit between what FINMA is expecting, you know, how the way it deposits, how the custody is working, how the liquidity is managed. The Swiss and European regulations are not always compatible. There is some kind of engineering to find the right setup and the right sub-custodians to be able to be compliant with the entire regulatory space.
Okay. I understand. Thank you, Marc. Last question. Actually, I come back to the first question that I was asked to you. You know, why are you so successful at collecting new assets? Your response was brand positioning, you know, you're in the sweet spot and you peel up your offering and maybe some also positive Credit Suisse impacts. Also, can you confirm that obviously crypto assets are a fantastic tool or fantastic, yeah, for onboarding new clients? My question is, maybe it's difficult for you to say, but what is the proportion of new accounts, new customers that come, that open an account at Swissquote clearly for trading crypto first? I mean, the main rationale is crypto for them. Can you give a percentage maybe?
I don't think this is the main driver for the increase in assets and the reason why people are, our clients are depositing, the reason why we are growing. However, what they are expecting is to have a very broad offering. You know, of course, we do want to target crypto traders. Sometimes we do it indirectly. You know, we're the service providers of Relai in Switzerland, for example. They do trading and custody with us. This is a pure crypto trading application that is executed through Swissquote. Their own aim is to target crypto traders. We have a little bit of different positioning. We do target a little bit the higher net worth individuals because it's not just about trading the assets, but it's also offering the custody. It ends up offering investment possibilities once you convert your crypto into fiat currencies.
I would say the reason of the success is to be able to offer crypto on top of all the rest. You will see there will be a rush for all the banks now to add crypto trading to their offering. We have now five years that we are working on that. It's not easy to build up an exchange just from scratch. We hope that we will be able to offer our service also to institutional clients. Now, to specific your questions, how many crypto-only customers we have? Do you have an idea, Yvan, out of the 50,000 new clients we have?
No, it would be difficult to say.
The thing is, they don't just trade crypto. They may come because we have a good crypto offering, but then they say, oh, I can convert it to dollar. Oh, I can take a treasury and gain a little bit of money there.
I think back in 2021, we provided an indication, and we could show that most of the customers trade at least two asset classes. I think if you are really a pure crypto trader, you probably will go for a more sophisticated platform than Swissquote. I would say most of them ultimately are multi-asset class.
Thank you. The last question, sorry, slide 31. I observed that the growth in the invest savings insurance accounts is quite strong, ranging from 32,000- 50,000. Can you elaborate on this? Thank you.
Yes. We have had and we are having a couple of initiatives in that fund with invest easy accounts, etc., you know, more prepared investment solutions or saving accounts for customers, which is, for example, something that a former Credit Suisse customer would be used to have. This is something that we prepared in the past and we're making quite a number of efforts to develop this type of accounts that are basically asset-based and not transaction-based. It's still small. The relative importance is still small, but we're pleased with the pattern of the growth, yes.
Thank you.
The next question comes from Said Adam from ACE Company. Please go ahead.
Hello. Hello, everyone. First, thank you. Thank you very much for this reporting. I'll try and be efficient, a bit more on strategy than just the current quarter. I have two questions. First on TAM and second on Yuh. On the TAM, I'd like to understand how you think of your total addressable market. If I'm correct, you just passed the million customers total. You're growing your services, growing your reach in Europe. If we dig a bit in the numbers you just show, would it be fair to say that there's still a lot of wide open space? It's about growing more accounts in the growing markets and growing larger accounts in the mature markets. How do you think of your total addressable market growing these past quarters and going forward? I'll come back on Yuh.
Yes, Adam, thanks for the question. You probably prefer to say 27. What I can give you as a benchmark on an indication, despite the countries are not necessarily comparable, but if you look at the Nordic players, for example, in Scandinavia, probably the digital adoption is a bit ahead of Switzerland, but they're closer to 6%- 7% market share, and they aim to grow this market share. For me, and I'll mention first that we have replicated exactly the same methodology that they use to calculate their market share. We have applied exactly the same methodology S wissquote to really have something that is comparable. If they today have 6%- 7%, it could be that the digital adoption is ahead of Switzerland. I think it shows that the room we have to increase our market share is still here.
The Swiss market still shows a lot of potential. I think it's a combination of new customers, but as well having more from the existing wallet of customers. You had a question about you.
Yeah. The question on Yuh. We mentioned before the average account on Swissquote is more around CHF 100,000, Yuh CHF 10,000, and there was a question there on profitability. CHF 10,000 is still much higher than the typical neobanks. It's probably 10 times higher than the average neobank. How do you think of your growth versus kind of account size? Could we see, for example, the account size go down and further push growth, or are you happy with that level of account? How are you thinking of key metrics within the new platform now?
Yes, that's a very good question. I can feel we have to explain a little bit more why we acquired Yuh. What we have seen, and you mentioned it, is that compared to Revolut or N26 or all the neobanks, we have a higher deposit by clients. You mentioned we have 350,000 clients. We have CHF 3.5 billion. That makes CHF 10,000 per client. That's probably 5x to 10x higher than what you would see at competitors outside of Switzerland. The reason why it's higher is because the trust level is quite big. There's a strong bank behind that. You deposit your money there. You know that it's safe. You know that we will not disappear from the landscape anytime soon. What is perceived as a convenience, to have a payment card to make your daily transaction, has become also an investment tool.
When we say, "Trade, save, invest," that's the slogan of Yuh. We really mean it. You don't use Yuh just to pay, but you do also invest and in a very easy way and buy securities and buy crypto. From their standpoint, it would be a little bit different than basically a Revolut, which is mainly a payment app. Now, why is it interesting and important for us is because these clients are onboarded in Yuh. They were young. They usually do their first experience with securities trading. They like it and they're hungry for more. We will try to upsell the Swissquote platform. When they become older, they will use the, let's say, the higher-level service with a broader service range. It's some kind of an entry platform to Swissquote. We will also keep the two brands separate, and that's the purpose of it.
We could all put under Swissquote, and instead of calling it Yuh, we call it Swissquote, and we use the same app. That would be wrong because it's really two different client segments. We believe in the neobank client segments. We think that will become the normal way of using your day-to-day banking. We want to be positioned there because we know that this is the entry level to then do something different, wealth preservation. There we have the Swissquote apps and platforms and all the rest. In the future, what we will do, we will show these numbers separately. The average assets per client will be shown on Yuh, and then the average assets per client will be shown on Swissquote in two separate ways.
Super. Thank you. Is it fair, just to clarify, to add the two client numbers and that's your total number, or should we think of netting anything out there?
It should be correct to add them.
Okay, thank you. Thank you very much.
This gives me the opportunity to answer a question for one of the written questions. This is the way we're going to report Swissquote new accounts going forward, as average assets are quite different. This is something that we have an idea, but it will certainly change a bit the way we report average assets, number of trades, etc., or trades by client. This is something we'll have to work a little bit on, but we can expect a few changes in the way we report numbers. I think there is one last question over the phone. We have a few written questions.
We have a follow-up question from Daniel Regli from ZKB. Please go ahead.
Hello. Thanks for having me again. Apologies, but maybe I'm getting something wrong. What I just tried to do is obviously the numbers you provide on slide 20 and then deduct the pre-tax profit from the net revenues, and they arrive at $335 million operating expense, give or take, for the full year. If I deduct the $173.5 million from H1, I get to $161.5 million in H2, which is already $10 million lower than in H1. Now there comes the new costs on top, I would assume. Am I doing something wrong or is kind of the underlying cost base coming down by $20 million in H1?
As you see, there is a slide about expenses. This is slide 12. Basically, we had a few costs that were ahead of initial guidance. When we compute the revised guidance, we basically rely on the initial guidance for the second semester with a few adjustments. We spent more on marketing because the growth was above what we initially expected. Should the growth be more aligned with the initial guidance, we expect to spend less on marketing. I mentioned that the initial marketing budget was CHF 35 million for the full year. There should be a decline in the marketing. We had a turbulent time, so we decided to approve a bit more of provisions. They were more turbulent than initially factored in the guidance. Should things become less turbulent, we don't necessarily need these provision costs. These are the adjustments.
Certainly, if you look at H2, there is a higher pre-tax margin expected for H2 than in H1. This is what I can answer in a nutshell, Daniel. If not, we can deal with it later on.
Okay. Let's take this offline, maybe.
We have a couple of written questions. Plus, I read them to you, Marc.
Yeah, go ahead.
There are a few that come from Finance and [Bischaf]. The first one is, who will be the new CEO of Yuh?
You refer to the press release from the Banner Continental Bank where they hired our CFO, our current, sorry, our current CEO of Yuh, Marco Schwab. He will leave the company by the end of January 2026. First, we have a little bit of time to find someone else. We know that this job is super attractive because it's the number one neobank in Switzerland. It's a strong marketing product. There's lots of development potential. We also want to develop the company outside of Switzerland. I have no doubt that we will find someone that is qualified for that. We don't have a name to give you yet, sorry about that. We have a little bit of time, to be fair now. There are two more questions. I can read it as well.
Also from Léa Faye: In what way does Swissquote profit from the distribution of ex-Credit Suisse clients' assets? That's a tough question because UBS and Credit Suisse were always the biggest provider of assets to Swissquote since inception. What we can see is that it did increase in the past months, probably due to the consolidation of Credit Suisse and UBS, as I mentioned. It's not easy to say, are you coming to us because you don't want to be consolidated or are you coming to us because you just like us? Probably out of the CHF 5.2 billion of assets, there's maybe a 10% which is linked specifically to the merger. It's just the beginning. You know, it's happening now. We could well be in for a big surprise or big good news in the second half of 2025.
There is then another one about interest incoming in the full year. I think this was already commented with the previous question. There is a slide on slide 21 that should be able to compute the number. With a bit of math, you could quickly calculate that we should end up slightly below CHF 210 million, probably in the region of CHF 208, CHF 209. This is a number that was already mentioned before. There is a last one from Jefferies. Could you please talk about the reasons behind the very strong net new money from Europe? I think it was our ambition. We have now over 100 employees in Europe. We invested significantly in Europe. The net new money, they were already positive last year. They are again in this first half. I think this is our ambition to have the net new money at this level.
I imagine that even, I'm looking at Marc, certain times, the net new money in Europe should be close to the ones of Switzerland. Not in the short term, but moving forward. Investment securities, we already discussed the increase. Do you expect that to increase further? Yes. In particular, in light of what I mentioned before, to anticipate expirations in 2024.