Dukascopy Posts 19.6% Yearly Jump in 2021 Client Deposits

Dukascopy Bank has released its financials for the year of 2021, ending on 31 December. Despite the ongoing pandemic situation, 2021 has been a succeedingly good year for the company.

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The bank's net profit of 2021 was CHF 2.1 million. In 2021, operating expenses were 6.5% below operating expenses in 2020. From the beginning of the year client deposits have increased by 19.6%. Client deposits on trading accounts grew by 9.0%, client deposits on binary accounts increased by 4.4% and client deposits on LP PAMM went up by 56.2%.

The strong increase in the number of mobile multicurrency accounts (MCA) demonstrates the success of the digital retail banking model. It represents the fast growing share of the bank's activities and client deposits. 

Moreover, the bank is expecting scale synergies where it would benefit from a transfer of some of the clients with MCA to trading accounts. In 2021, 51'935 new MCA accounts were opened. From the beginning of the year clients' deposits on MCA accounts have more than doubled from CHF 16.4 to 36.1 million; in 2021, net revenues from MCA accounts were CHF 1.9 million.

The involvement and development of the bank in crypto related activities remains one of the main strategic growth areas together with retail banking activities. More than 5.3 million Dukascoins were issued by the end of year 2021. The trading accounts remain the main generating source of revenue. The bank is dedicated to always enhance its clients experience with the best trading service.

The Russian-Ukrainian conflict which started in February 2022 may have an impact on the bank's activities. It is however too early to quantify their effects on the bank's financials. The result for the first three months of 2022 is a profit of 2.0 million.