Dukascopy Bank Experiences 77.2% YoY Slump in Consolidated Profit for H1 2023

Dukascopy Bank SA, a Geneva-based retail FX broker, released its financial results for the first half of 2023 (H1 2023), reporting consolidated profits for the six months of CHF 888,851, experiencing a slump of 77.2% compared to CHF 3,895,595 in the same period last year.

For the first half of 2023, the Bank recorded the income from its trading activities as CHF 9,611,784, a decrease of 33.4% compared to CHF 14,431,427 in H1 2022.

Specifically, income from its interest operations came in at CHF 685,683 for the period, compared to a loss of CHF 75,784 on a year-on-year basis. Interest and discount income contributed the most to the growth, jumping from a loss of CHF 160,433 in H1 2022 to a profit of CHF 736,929.

The subtotal result for its commission business and services was CHF 562,437, up 1.4% compared to CHF 554,560 in the first half of 2022.

Despite the poor performance, the company's expenses fell sharply by 74.1% from CHF 4,780,874 in H1 2022 to CHF 1,237,635, offsetting some of the negative impact of lower earnings.

The poor financial performance in the first six months, ended June 30, 2023, came after a significant increase of 205% in net profit​, amounting to CHF 6.4 million for the bank in the full year of 2022.