Alpian, the Geneva-based digital private bank, reported a narrowing net loss for 2025 and a sharp increase in commission income as it continued expanding its customer base and assets under management.
The bank’s net loss declined to CHF 28.5 million in 2025 from CHF 29.4 million a year earlier, marking its first annual reduction since inception. Customer assets rose 56% to CHF 238 million, while the client base grew 65% to 23,800. Operating expenses fell 2% to CHF 24.4 million, driven by a 43% drop in commission costs to CHF 741,000.
Commission income tripled to CHF 1.21 million, primarily from investment mandates and American Express partnership card activity, resulting in a positive commission margin of CHF 471,000 after a loss of CHF 902,000 in 2024. The bank’s interest margin, however, turned negative as net interest income fell to minus CHF 288,000 from plus CHF 147,000, with interest expenses remaining high at CHF 547,000 despite a near-zero Swiss National Bank policy rate in early 2026.
The average customer asset balance declined 5.8% to CHF 8,500 by year-end 2025, though this metric improved to CHF 7,200 after Alpian completed the migration of Radicant’s 20,000 clients in April 2026, bringing total assets under management to CHF 289 million. The bank attributed the initial dip to a mechanical effect from the rapid client onboarding, with the average balance rising again post-integration.
Invested customer assets more than doubled to CHF 61.5 million, increasing their share of total assets from 17% to 26%, signaling growing client engagement in investment products. Meanwhile, Alpian’s cost structure shifted, with personnel expenses rising 8.5% to CHF 11.9 million and headcount increasing to 76 employees, while administrative costs fell 10.5% to CHF 12.5 million.
Intesa Sanpaolo’s private banking arm, Fideuram, has significantly increased its stake in Alpian. After a CHF 40 million capital increase in 2025, Fideuram’s ownership rose from 51.1% to 62.9%, followed by additional purchases that brought its stake to 92.35% by June 2026. A further capital increase is planned under a multi-year funding program and is currently awaiting regulatory approval.
Alpian, which received its banking license in May 2022, remains unprofitable but projects a break-even timeline of five to nine years, consistent with peers in the European digital banking sector. The bank emphasized its focus on building a sustainable business model rather than prioritizing short-term profitability.
