Dukascopy H1 Profit Drops 58% Despite 25% Deposit Growth

​Dukascopy Bank’s consolidated first-half profit fell 58% to CHF 1.38 million ($1.73 million), according to an interim statement. A weaker trading result and lower net interest income outweighed higher commissions for the six months ended June 30. Trading activities supplied 76% of the group’s three core income lines. The decline in that business compressed profit even as customer deposits and total assets increased by double digits from the end of 2025. A year earlier, Dukascopy’s consolidated profit had risen to CHF 3.29 million from CHF 80,779; the latest figures reverse most of that improvement.

Trading remained the dominant income line, with the consolidated result dropping 25% to CHF 8.77 million from CHF 11.71 million. Net interest income declined 33% to CHF 383,918, as gross interest income decreased and the group recorded CHF 26,864 in value adjustments for default risks and losses from interest operations, compared with none in the prior-year period. Commission business moved in the opposite direction: net commission income increased 37% to CHF 2.33 million, driven by higher service income and lower commission expense. The three income lines combined generated CHF 11.49 million, down 18% from CHF 13.98 million. Operating expenses edged down 1.5% to CHF 9.50 million, leaving the operating result down 56% at CHF 1.78 million. Tax expense fell to CHF 398,746 from CHF 719,851, resulting in a consolidated profit of CHF 1.38 million. On a standalone basis, Dukascopy Bank earned CHF 1.51 million, down 55% from CHF 3.32 million. The document lists Dukascopy Europe IBS, Dukascopy Japan and SWFX as consolidated subsidiaries.

Customer deposits reached CHF 239.29 million at June 30, up CHF 48.38 million, or 25%, from the end of December. Liquid assets increased 35% to CHF 164.10 million. Total consolidated assets rose 19% to CHF 309.50 million from CHF 260.82 million. Amounts due from banks increased to CHF 78.88 million, while amounts due from customers declined 13% to CHF 10.22 million. The deposit increase continued the expansion reported for 2025, when Dukascopy ended the year with CHF 188.6 million in standalone customer deposits, up 16% year-on-year. The interim statement does not break out the latest deposit growth by geography, account type or customer category, and contains no management discussion, cash-flow statement or regulatory capital ratios.

Swissquote’s first-half figures showed a different revenue mix, with net revenue increasing 1.7% to CHF 364.2 million, as higher trading, interest and eForex income offset a 66% decline in crypto income. The two businesses differ substantially in scale and reporting mix, so the figures are not directly comparable. Swissquote reported CHF 96.3 billion in client assets, while Dukascopy’s statement reports bank assets and customer deposits. Dukascopy is listed by FINMA as a licensed bank. Its June balance sheet showed CHF 309.50 million in consolidated assets and CHF 239.29 million due in respect of customer deposits. The six-page statement did not provide guidance for the second half.