Dukascopy Incomes Drop 23% in H1 2021 to USD11.9 Million

Dukascopy Bank SA, Geneva-based retail FX broker, has reported its financial results for the first half year of 2021. It came in at CHF 10.95 million (USD $11.9 million) for the first six months of 2021, drop 23% from the second half of 2020 and less than half the CHF 25.44 million in H1 2020.

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The net income at Dukascopy in H1 2021 was CHF 1.3 million (USD $1.4 million), better than the CHF 2.1 million loss the company suffered in H2 2020, but well below the CHF 12.5 million in H1 2020.

Although the drop in activity Dukascopy did see client deposits remain to climb, hitting CHF 111.9 million as at June 30, 2021, up from CHF 96.1 million at year end 2020.

Like many retail forex brokers, Dukascopy saw a spike in client trading and resulting incomes and net income at the outset of the COVID-19 pandemic in late Q1 2020 and into early Q2 2020. But in H2 2020 the movement dried up, and incomes were back at roughly pre-pandemic levels, and have now falled even further.