Geneva-based Dukascopy Bank SA, a retail forex and CFDs brokerage, reported an increase in revenue and profits for the first six months of 2022, marking a pivot from its previous year’s performance.
Revenue of the broker for the period came in at CHF 14.4 million ($15.1 million), jumping from CHF 11.3 million generated in the same period of the previous year. It was an improvement of over 27 percent from H1 2021 and around 37 percent from H2 2022.
Despite the jump in revenue, the brokerage managed to cut its operational costs, primarily personnel expenses. Its operational cost for the first half of the year was CHF 9.9 million, coming down from CHF 11.39 million.
The Swiss broker generated a net profit of CHF 3.8 million between January and June, which is 195 percent higher compared to CHF 1.44 million generated in the same period of the previous year.
Pivot in Performance
Dukascpoy reported impressive H1 2022 numbers after its net annual profits dropped to CNF 2.1 million in 2021. However, the scaling up of its performance was already witnessed in the first four months of 2022, which was unexpectedly published by the broker.
The Swiss-headquartered broker generated CHF 2 million in profits in the first quarter of 2022, with an additional CHF 1.5 million in April. Going by those figures, the company only made around CHF 300,000 in May and June combined.
Dukascopy, which is regulated in Switzerland, Latvia and Japan, is also enhancing the services for its customers. It launched a peer-to-peer cryptocurrency marketplace and enabled deposits and withdrawals with Tether.
Furthermore, the brokerage service provides gained authorization from the Swiss financial market regulator for offering cryptocurrency custody services.
