TradeXBank AG
/ Key word(s): Quarterly / Interim Statement/Half Year Results
Zurich, 3 September 2024 - During the first six months of 2024, the commodity market faced significant volatility driven by ongoing geopolitical tensions, fluctuating energy prices, climate change, and the ongoing transition to renewable energy. Remaining high interest rates and sticky inflation in the major markets and the economic slowdown in China represent key challenges for both traders and banks in the commodities market resulting in slightly lower trading volumes during the first half of 2024.
Camille Sednaoui, CEO of TradeXBank says: "Our results are a great achievement on the back of a challenging first half of the year. We capitalized on market opportunities, providing clients with tailored solutions while carefully managing risks. As we look into the future, we benefit from a strong pipeline and are confident in our ability to further improve our market share and continue our growth in line with our ambitious plans.
Total revenue increased by 27% driven mainly by higher financing volumes. The significant increase in transactions reflects our ability to rebuild our business. Capital remains strong reflecting the ample lending capacity of our balance sheet.
Numbers in CHF millions
Outlook Looking ahead, TradeXBank is well-positioned for continued growth, despite ongoing global challenges. The global commodity industry's projected growth offers substantial opportunities, especially with TradeXBank's strategy to expand beyond the Swiss market to regions like the EU, UAE and Singapore. Additionally, TradeXBank's expertise in corporate banking and international trade further enhances its growth potential in a market where demand exceeds supply. About TradeXBank TradeXBank is a FINMA licensed, Swiss owned bank based in Zurich with more than 50 employees. The bank is specialized in the financing of commodity flows in energy, agricultural goods, fertilizers and metals. It is focused on the EMEA region and provides commodity trade finance, foreign exchange, transactional banking and hedging. Its operations are based on a strong balance sheet with strong liquidity and capital ratios well above regulatory requirements. TradeXBank AG tradexbank.ch End of Media Release |
1980365 03.09.2024 CET/CEST
