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.
Our competitive edge lies in our specialization in commodity trade finance that sets us apart from competitors. Our dedicated infrastructure enhances our speed to market and allows us to swiftly adapt to market dynamics. It allows us to quickly address our client’s funding gap left by major players who have shifted their focus towards large corporate lending.”

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.