LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Technology led Swiss electronic marketplace and community Dukascopy Bank SA has released its annual report for 2014, depicting a 10% decline in revenues compared with the previous year.
Compared with the year ending December 31, 2013, in which the company reported Revenues of CHF 30.1 million, 2014 brought CHF 27.1 million in Revenues (about $30 million).
Dukascopy Bank SA attributes the lower figures for 2014 to the low volatility which blighted the entire FX industry during a large part of last year, with the company stating that 2014 has been remarkable due to 8 consecutive months of historically low volatility on the FX market.
Dukascopy Bank’s report stated that such very exceptional market conditions negatively affected income and therefore consequently, while operating expenses were well maintained within the budget, income has not met expectation , deteriorating gross profit and cost / income ratio.
Nevertheless, Dukascopy Bank’s report stated that the company managed to close the financial year 2014 on a profit, helped by extraordinary items including the release of unused provisions.
Whilst the company did indeed turn a profit, it is important to note that the gross profit for the year 2014 was 768% lower than that of 2013, standing at CHF 1.3 million for the year 2014 compared with CHF 5.6 million for 2013.
Growing Client Base
Dukascopy Bank’s high quality proprietary trading environment is continually attractive to discerning customers, as reflected by the company’s 21.9% increase in client deposits during 2014 compared with the previous year, a somewhat remarkable figure considering the lower volatility which spanned three quarters of the year, contrasting to the previous year’s enthusiasm by traders across all industry sectors.
The company’s report states that this increase is testimony to the attractiveness of Dukascopy Bank’s services, in particular towards institutional clients (including white label partners) which contributed for 85.9% to the clientele growth.
For the official 2014 annual report from Dukascopy Bank SA, click here.