Dukascopy revenue, earnings take massive hit in H1 2023
FX broker Dukascopy has published its financial statement for the six months ending June 30, 2023. The Geneva-based firm’s latest report was characterized by weak metrics in areas ranging from operating income to revenues.
Specifically, the forex bank witnessed a massive drop in its revenues, which came in at CHF 9.6 million (roughly $10.9 million). This figure is down by more than a third from the CHF 14.4 million ($15 million) reported back in the same period a year ago.
The broker’s ultimate bottom-line figure, which factored out interest receivable and other income displayed a bleaker year-over-year performance relative to 2022, having yielded a profit of CHF 888,851 ($1 million). This was down by nearly 80 percent when compared to 2022’s net profit of CHF 3.89 million ($4.1 million).
The sluggish performance came despite Switzerland’s forex bank and broker’s investment in diversifying its range of products. Besides its traditional core business, the trading activity, Dukascopy has developed issuance, custody and exchange infrastructure for cryptocurrencies as well as retail mobile banking services including instant payments and card operations. All such investments amounted to nearly CHF 6 million in revenues per year.
More than 450 new tradeable instruments were added during the year as well, including indices and stocks from US and Mexico. A total of 1160 instruments, including FX, Bullion, CFDs on commodities, bonds, Indices, cryptos, stocks, ETFs are presently available on the bank’s proprietary trading platform JForex. In January the newly designed JForex 4 had a smooth launch
The involvement and development of Dukascopy in crypto related activities remains an important focus area. In 2022 several new services such as peer to peer (P2P or blockchain operations involving stable coins) were launched.
Dukascopy Bank has developed rich crypto-fiat functionality over the last several years together with its retail banking activities. More than 6.1 million Dukascoins were issued by the end of the year 2022.
