According to Cointelegraph, Swiss crypto bank AMINA Bank AG, previously known as SEBA Bank AG, has announced impressive financial results for the year 2024. The bank's revenue surged by 69% compared to the previous year, reaching $40.4 million. This growth was accompanied by a significant increase in assets under management (AUM), which rose by 136% to $4.2 billion. The bank attributes this success to heightened institutional demand and strategic expansion efforts.
AMINA Bank, based in Zurich, has credited its growth to a robust multi-jurisdictional presence, round-the-clock trading capabilities, and a lending portfolio that has maintained zero defaults over the past five years. CEO Franz Bergmueller expressed pride in the team's dedication, which resulted in achieving quarterly profitability in the fourth quarter of 2024, marking a crucial milestone for the bank.
Throughout 2024, AMINA Bank added $801 million in net new assets. The bank also reported a 40% increase in revenue from derivatives, indicating a growing interest from clients in crypto-based risk management solutions. Additionally, AMINA has invested in developing a proprietary digital platform designed to cater to business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) clients. This platform, expected to launch later this year, will feature API-based infrastructure to meet the rising demand across various markets.
Mike Foy, AMINA Bank's chief financial officer, highlighted that the bank's liquidity coverage ratio improved to 228% in 2024, up from 219% in 2023. Foy also noted that the bank's CET1 capital ratio, which measures a bank's capital against its risk-weighted assets, stands at 34%, more than double the regulatory requirement, despite an increase in risk-weighted assets due to expansion.
AMINA Bank's international revenue has also seen substantial growth, with income from its Abu Dhabi operations increasing by 150% year-over-year and Hong Kong operations experiencing a remarkable 570% growth. The bank aims to onboard 30 B2B2C partners by the end of 2025, up from nearly 20 currently. Founded in 2019, AMINA holds licenses from the Swiss Financial Market Supervisory Authority (FINMA), Abu Dhabi's Financial Services Regulatory Authority (FSRA), and Hong Kong's Securities and Futures Commission (SFC). The bank rebranded from SEBA Bank on December 1, 2023, to emphasize its transition towards integrating traditional finance with digital and crypto services. In November 2023, Switzerland's St.Galler Kantonalbank partnered with the then-branded SEBA to offer digital asset custody and brokerage services to its clients.
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