Dukascopy Incurs 79.7% Drop in Net Profit for 2023

Dukascopy Bank SA, a Geneva-based retail FX broker, has released its financial results for the full year of 2023, disclosing a sharp decrease in its net profit for the year due to unfavorable changes in the market environment.

The company generated CHF 1.3 million net profit in 2023, tumbling 79.7% from CHF 6.4 million in 2022​. The cost-to-income ratio grew from 71.3% to 89.2%, as annual operating income down from CHF 27.4 million to CHF 22.1 million, while costs remained almost unchanged.

At the end of 2023, Dukascopy held total assets of CHF 195.8 million, declining slightly from CHF 196.3 million in the previous year. Total client and bank deposits also dip marginally to CHF 130.9 million.

"Dukascopy Bank consolidated its strategy by focusing on its two main business areas: FX and CFD and retail banking services," stated Veronika and Andrey Duka, the Co-Chief Executive Officers. "Despite the challenges of the financial year 2023, the Bank remains profitable. The business of all subsidiaries of the Bank as well."

In March, Fazzaco reported that Dukascopy has collaborated with Options Technology, the leading provider of cloud-enabled IT infrastructure to global capital markets, to offer clients real-time market data for US equities.