AMINA Bank Revenue Surges 69% in 2024 Driven by 136% AUM Growth

AMINA Bank, the Swiss crypto bank formerly known as SEBA, has reported a significant surge in its financial performance for 2024. The bank's revenue climbed 69% year-over-year to $40.4 million, marking a record high. This growth was driven by a 136% increase in assets under management (AUM), which reached $4.2 billion. The bank attributed this success to its multi-jurisdictional footprint, 24/7 trading capabilities, and a lending book that has maintained zero defaults over five years.

The bank's strategic expansion and institutional demand played a crucial role in this growth. AMINA added $801 million in net new assets during the year, with derivatives revenue surging by 40%. This increase reflects the growing interest from clients seeking crypto-based risk-management tools. The bank also invested in developing a proprietary digital platform aimed at serving B2C, B2B, and B2B2C clients. This system, expected to launch later this year, will feature API-based infrastructure to handle increasing demand across markets.

AMINA's liquidity coverage ratio increased to 228% in 2024, up from 219% in 2023. The bank's 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 its expansion. This financial stability is a testament to the bank's robust risk management practices.

The bank's international revenue also saw significant growth, with income from its Abu Dhabi operations rising 150% year-over-year and Hong Kong posting 570% growth. AMINA expects to onboard 30 B2B2C partners by the end of 2025, up from almost 20. The bank 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).

AMINA rebranded from SEBA Bank on Dec. 1, 2023, to highlight its shift toward integrating traditional finance with digital and crypto services. In November 2023, Switzerland’s St.Galler Kantonalbank, one of the largest banks in the country, partnered with then-branded SEBA to offer its clients digital asset custody and brokerage services. This partnership further solidified AMINA's position in the market and underscored its commitment to innovation and client satisfaction.