Amina Bank added $801M in assets and saw a 40% rise in derivatives revenue amid global expansion and its rebranding from Seba.
Amina Bank, formerly known as Seba Bank, a Swiss crypto bank, has announced unprecedented financial results for 2024.
Revenue increased by 69% year over year to $40.4 million.
According to a May 28 news release, the bank’s assets under management (AUM) increased by 136% to $4.2 billion due to strategic expansion and institutional demand.
The Zurich-based bank attributed its expansion to its 24/7 trading capabilities, multi-jurisdictional footprint, and a lending book that has maintained zero defaults for the past five years.
CEO Franz Bergmueller expressed his immense pride in the tenacity and focus of his team, which resulted in quarterly profitability in Q4 2024.
This significant milestone serves as a confirmation of the efficacy of our approach.
In 2024, Amina Bank Increased Its Asset Base By $801 Million
Amina generated $801 million in net new assets throughout the year.
Revenue from derivatives increased by 40%, indicative of the growing interest among clients in crypto-based risk-management instruments.
Amina Bank also stated that it invested in the development of a proprietary digital platform last year to provide services to business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) clients.
The system, which is anticipated to be launched later this year, will be equipped with API-based infrastructure to accommodate the growing demand in various markets.
The liquidity coverage ratio of Amina Bank, which was 219% in 2023, increased to 228% in 2024, according to Mike Foy, the bank’s chief financial officer.
Foy stated, “Our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets due to our expansion.”
Amina Experiences Increase In Her International Revenue
Amina also observed that its international revenue is rising, with income from its Abu Dhabi operations increasing by 150% yearly and Hong Kong experiencing a 570% growth.
The bank anticipates that it will onboard 30 B2B2C counterparties by the end of 2025, an increase from nearly 20.
Amina, which was established in 2019, is licensed by the Swiss Financial Market Supervisory Authority (FINMA), Abu Dhabi’s Financial Services Regulatory Authority (FSRA), and Hong Kong’s Securities and Futures Commission (SFC).
On December 1, 2023, Amina underwent a rebranding process from SEBA Bank to emphasize its transition to integrating traditional finance with digital and crypto services.
In November 2023, St. Galler Kantonalbank, one of the largest banks in Switzerland, formed a partnership with Seba, which was then known as Seba, to provide its clients with digital asset custody and brokerage services.
