Swiss broker Dukascopy reports a 200% increase in profits
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A retail forex and contracts-for-difference (CFD) broker and retail banking provider based in Switzerland has released its annual report for the 2022 financial year. In this report, the brokerage company has reported the second-highest profit in the company’s history.
Dukascopy reports a 200% profit increase
The net profit reported by the company also increased by 207% to CHF 6.4 million. It is a significant increase from the CHF 2.1 million reported in 2021. This figure is significantly below the CHF 10.4 million that the platform generated in 2020. The profits remain the highest that the group has ever reported during the year.
The firm issued a statement on the same, saying that all its consolidated subsidiaries, including brokerage companies such as Dukascopy Japan and Dukascopy Europe, were profitable over the past year.
Dukascopy also explained that it achieved a significant milestone in profits despite a challenging market environment. That saw businesses affected by the ongoing war between Russia and Ukraine, high inflation, and high-interest rates.
The increase in profits has been seen as the operating expenses of the Swiss brokerage company dropped marginally by declining by 4% year-over-year to CHF 19.6 million. On the other hand, the operating income at the company also increased by 21% to CHF 27.4 million in 2022, a significant jump from the CHF 22.7 million reported during the previous year.
However, this figure is significantly lower than the CHF 40.1 million reported as the operating income in 2020. The total assets at the company increased by 6% from CHF 184.5 million reported in 2021 to CHF 196.3 million reported during the previous year. The total assets have also increased significantly from CHF 162.7 million reported in 2020.
The total client deposits at the firm also increased by 4% to CHF 131.3 million, a jump from the CHF 125.9 million reported last year. In the past two years, the client deposits at the company have increased from the CHF 105.3 million reported in 2020.
The co-CEOs of Dukascopy, Veronika and Andrey Duka, commented on these results, saying, “The conservative asset allocation and liquidity management policies allowed the Bank to successfully traverse a year of extremely high market turbulence and instability, and to await with confidence and optimism further development of the Bank’s business in 2023.”
Dukascopy grows its brokerage services
Dukascopy said the brokerage services available for trading accounts were the main source of its operational revenues last year. During the year, the brokerage company said it had more than 450 new tradable instruments to the trading platform.
Some newly added financial instruments include indices and stock CFDs in the United States and Mexican companies. The company noted that 1,160 financial instruments, such as FX, CFDs, bullion, indices, cryptos, stocks, and ETFs, were available on the JForex proprietary trading platform.
Dukascopy said that all the leading financial instruments were currently available to the company. Dukascopy plans to release the MT5 trading platform to broaden its reach in the industry.
