In its interim balance sheet as of the 30th June, Dukascopy Bank SA, a Swiss financial services provider, reported a significant drop in revenue, or “results from trading activities.”
Revenue for the first half of 2021 is the lowest for the company in several years. The report showed income at CHF 10.95 million compared to the CHF 25.44 million it reported in the first half of 2020, a fall of over 50%. The figure also represented a 23% decline from the second half of 2020.
However, according to the report the company’s total assets rose 9.85%. As of the end of June 2021, Liquid assets stood at CHF 33.86 million, an increase from the CHF 23.26 million posted in the second half of 2020. Client deposits also increased from CHF 96.1 million at the end of 2020 to CHF 111.9 million at the end of H1 2021.
However, according to the report the company’s total assets rose 9.85%. As of the end of June 2021, Liquid assets stood at CHF 33.86 million, an increase from the CHF 23.26 million posted in the second half of 2020. Client deposits also increased from CHF 96.1 million at
Dukascopy’s profit for the first half of 2021 came in at CHF 1.3 million, well above the CHF 2.1 million loss it reported at the end of H2 2020. However, the number fell significantly short of the CHF 12.5 million net income it recorded in the first half of last year.
Dukascopy is one of Switzerland’s most prominent retail FX businesses alongside Swissquote, which achieved record results once more during the first half of this year.
Like the majority of brokers, Dukascopy saw a significant rise in client trading during the first and second quarters of 2020, which resulted in profit and revenue climbing. As a result, the company’s results for the full year 2020 showed a record income and profit. It was helped further by Dukascopy cutting its operating expenses.
However, the numbers declined during the latter part of the year, and revenue has now fallen below pre-pandemic levels. That may be partly down to the company being late in its cryptocurrency offerings, which have been a significant revenue driver for other brokers such as eToro, which reported its second-quarter results on Wednesday evening.The end of 2020 to CHF 111.9 million at the end of H1 2021.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.