The technology and banking solutions firm logged a jump in its earnings for the first half of this year.

Avaloq, the Switzerland-headquartered international fintech, has reported a 257 per cent year-on-year surge in first-half 2017 earnings before interest, taxation, depreciation and amortisation, reaching SFr36.3 million ($37.7 million).

The firm, which works with sectors such as private banking and wealth management, as well as other financial areas, yesterday said total revenue increased by 3 per cent Y-Y to SFr253.1 million, it said in a statement yesterday. 

During the first-half period Warburg Pincus bought a 35 per cent-stake in Avaloq from the latter’s employees and management. Avaloq also, for the first time, obtained a rating with Standard & Poor’s as well as Moody’s. Standard & Poor’s assigned Avaloq with the credit rating grade “B”, Moody’s with a “B2”. Both agencies classify Avaloq’s outlook as “stable”.

Software deliveries were completed with a number of clients, such as by Raiffeisen Switzerland. Banks including Axion Swiss Bank and BT Financial Group went live with Avaloq systems, a total of 13 during the first-half period. 

“We did an excellent job in maintaining the strong momentum from last year. In the first half of the year, we further strengthened Avaloq’s leading position. We significantly increased profitability, reduced total spending, and in Warburg Pincus have a strong new global partner at our side,” Francisco Fernandez, Group CEO and Chairman of the Board of Avaloq, said.

To date in Avaloq’s history, 155 banks and wealth managers have chosen its technology to manage client assets worth over SFr4.0 trillion.