27. 10. 2023
TradeXBank AG announces 9 months results for 2023
After a successful relaunch of the Bank’s business in H1 2023, the Bank remains committed to its strategy of re-establishing a significant presence in the Commodity Trade Finance market. Our primary focus is serving mid-market Commodity Traders both in Switzerland and internationally. We are pleased to report further progress made in Q3 2023 closing with a Net Income of CHF 4.7m in Q3, thus bringing results for 9 months to CHF 5.3m. This growth is attributed to the enhanced profitability of our portfolio and the successful divestment of a minor financial investment. The Bank's capital has now reached CHF 508.5m, strengthening our already healthy capital base and liquidity. With CHF 295.1m in liquid assets, our liquidity position remains exceptionally strong and will be diligently applied to support the expansion of our Commodity Trade Finance portfolio.
Key figures (YTD) | Q3 2023 | H1 2023 |
Total revenues | CHF 22.8m | CHF 13.5m |
Net Income | CHF 5.3m | CHF 0.6m |
Bank’s Capital (incl. Statutory Capital Reserve) | CHF 508.5m | CHF 503.8m |
Total Assets | CHF 678.3m | CHF 679.9m |
CAR | 114.4% | 93.3% |
LCR | 895.2% | 369.8% |
NSFR | 244.6% | 231.4% |
Market developments / Business review
Throughout Q3 2023, the Bank dedicated efforts to advancing the traditional transactional trade finance business, with a special emphasis on trade flows in EMEA and the Middle Corridor (Azerbaijan, China, Georgia, Kazakhstan, and Turkey). We continue to focus on onboarding new clients and increase the portfolio of credit limits for Commodity Traders. The business showed considerable robustness despite traditional slowdown of trading activities in July and August. In September, the Bank was able to complete the hedging of its USD open currency position thus reducing the volatility of its financial results due to currency fluctuations.
The Bank’s relationship team will be attending TXF Geneva 2023, and we look forward to the opportunity to connect with both current and past clients, prospects and partners.
Christian Lüscher | Igor Ukrasin | |
Chairman of the Board | Chief Executive Officer |