Dukascopy’s net profit more than doubles on soaring revenues

abdelaziz Fathi

FX broker Dukascopy has unveiled its financial statement for the four months ending April 30, 2022. The Geneva-based firm’s latest report was characterized by positive metrics in areas ranging from operating income to revenues, underpinning its guidance for the full year.

Specifically, the forex bank witnessed a surge in its revenues, which came in at CHF 10.3 million ($10.5 million). This figure is up by nearly a third from the CHF 7.9 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 strong year-over-year performance relative to 2021, having yielded a profit of CHF 3.5 million ($3.57 million). Interestingly enough, Dukascopy Bank achieved CHF 1.4 million ($1.5 million) in net profit for the entire first-half period of 2021.

During the last four years, the Switzerland’s forex bank and broker substantially invested 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.

Meanwhile, Dukascopy has been taking steps towards strengthening its cryptocurrency offering, including allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking. In 2020, it has become the first regulated bank to launch its own cryptocurrency – Dukascoin.

Most recently, Dukascopy users have gained access to ten new crypto instruments, including many within the realm of decentralized finance (DeFi). On top of that, the FX broker has significantly improved its overnights rates.

The bank and securities houses of Dukascopy Group are regulated in Switzerland, Latvia and Japan. The group offers multi-products (FX, bullion, CFD, binary options), desktop and mobile trading platforms together with a range of other financial services. This includes current accounts, guarantees, classical banking payments, instant payments via smartphones, and payment cards

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