Amina Bank Reports Impressive Financial Results
Amina Bank, the Swiss cryptocurrency bank formerly known as Seba Bank, announced impressive financial results for the year 2024, highlighting a staggering 69% revenue increase compared to the previous year, reaching $40.4 million. This surge was largely attributed to heightened institutional interest and strategic growth initiatives, which also led to a substantial 136% rise in assets under management (AUM), amounting to $4.2 billion. These insights were shared in a press release dated May 28, underscoring the bank’s extensive multi-jurisdictional operations and its capability for continuous trading around the clock.
CEO’s Acknowledgment of Team’s Efforts
CEO Franz Bergmueller expressed great pride in the team, recognizing their determination and dedication that resulted in a notable achievement – the bank’s quarterly profitability in the fourth quarter of 2024. This success reinforces the effectiveness of their business model. Over the past year, Amina attracted $801 million worth of net new assets, and its revenue from derivatives also improved by 40%, signifying a growing trend among clients looking for cryptocurrency risk-management solutions.
Development of Exclusive Digital Platform
As part of its growth strategy, Amina has been developing an exclusive digital platform designed to cater to business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) clients. This platform is anticipated to launch later this year, featuring an API-based framework to efficiently meet the increasing market demands.
Financial Metrics and International Growth
Mike Foy, the Chief Financial Officer at Amina Bank, mentioned that the bank’s liquidity coverage ratio has risen to an impressive 228% in 2024, a slight improvement from 219% in 2023. He noted that the bank’s CET1 capital ratio, which measures capital against risk-weighted assets, stands at a remarkable 34%, more than double the minimum regulatory threshold, despite a rise in risk-weighted assets due to the bank’s expansion efforts.
The bank also reported significant growth in its international revenue streams. For instance, its operations in Abu Dhabi saw a remarkable year-on-year revenue increase of 150%, while Hong Kong’s revenue skyrocketed by an astounding 570%. Moreover, Amina aims to onboard 30 B2B2C partners by 2025, a significant increase from nearly 20 partners currently.
Background and Recent Developments
Established in 2019, Amina is licensed by the Swiss Financial Market Supervisory Authority (FINMA), the Financial Services Regulatory Authority (FSRA) of Abu Dhabi, and the Securities and Futures Commission (SFC) of Hong Kong. The bank rebranded from Seba to Amina on December 1, 2023, to reflect its commitment to blending traditional finance with digital and cryptocurrency services. Noteworthy is its partnership with St. Galler Kantonalbank in November 2023, aimed at providing digital asset custody and brokerage services to clients.
