MIG Bank and Dukascopy's financials recently became available and we can take a look and see what they looked like in H1 2012. It seems that MIG is double the size of Dukascopy (balance sheet) however experienced a severe slow down in H1 2012 as compared to H1 2011 - trading income halved, which slashed its net profit by 83%. Dukascopy showed similar income but improved slightly on operational side which double its net profit. All in all these firms show very low income and profit levels.
Dukascopy:
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| Balance Sheet as of 30 June 2012 | |||||
|---|---|---|---|---|---|
| Assets | Liabilities | ||||
| 30.06.2012 | 30.06.2011 | 30.06.2012 | 30.06.2011 | ||
| CHF | CHF | CHF | CHF | ||
| Liquid assets | 77 915 588 | 40 328 502 | Amounts due to banks | 6 259 179 | 3 542 648 |
| Amounts due from banks | 39 536 337 | 51 793 467 | Other amounts due to customers | 86 100 555 | 64 843 489 |
| Amounts due from customers | 401 203 | 171 658 | Accrued expenses and deferred income | 2 776 885 | 2 410 439 |
| Participations | 1 386 497 | 788 268 | Other liabilities | 6 702 114 | 2 643 349 |
| Tangible fixed assets | 2 130 333 | 2 475 788 | Value adjustments and provisions | 1 299 230 | 1 921 743 |
| Intangible assets | 2 014 505 | 2 583 836 | Share capital | 22 000 000 | 22 000 000 |
| Accrued income and prepaid expenses | 601 001 | 165 718 | General legal reserve | 151 000 | 106 000 |
| Other assets | 5 653 318 | 1 918 734 | Profit brought forward | 2 713 304 | 1 870 655 |
| Total Assets | 129 638 782 | 100 225 972 | Half year profit | 1 636 515 | 887 649 |
| Total amounts due from Group companies and | Total Liabilities | 129 638 782 | 100 225 972 | ||
| qualified participants | 0 | 0 | Total amounts due to Group companies and qualified | ||
| Irreovocable commitments | 758 000 | 728 000 | participants | 1 079 172 | 0 |
| Off-balance sheet financial instruments | |||||
| Underlying amounts | 2 145 122 803 | 1 100 418 861 | |||
| Positive replacement values | 5 574 774 | 1 918 734 | |||
| Negative replacement values | 5 983 773 | 2 175 419 | |||
| Statement of income for the period ended 30 June 2012 | |||||
| 30.06.2012 | 30.06.2011 | 30.06.2012 | 30.06.2011 | ||
| CHF | CHF | CHF | CHF | ||
| Interest income | Operating expenses | ||||
| Interest income | 17 972 | 20 599 | Personnel expenses | (6 553 446) | (7 096 371) |
| Interest expenses | (3 503) | (666) | Other operating expenses | (4 295 391) | (4 147 420) |
| Net interest income | 14 469 | 19 933 | Total operating expenses | (10 848 837) | (11 243 791) |
| Income from commissions and services | Gross profit | 3 477 333 | 3 222 222 | ||
| Commission income from investment activities | 0 | 22 203 | Depreciation | (1 172 558) | (2 048 889) |
| Commission income from other services | 103 560 | 49 | Value adjustments, provisions and losses | (13 660) | (46 862) |
| Commission expenses | (43 790) | (24 776) | Profit before extraordinary items and taxes | 2 291 115 | 1 126 471 |
| Net incom from commissions and services | 59 770 | (2 524) | Extraordinary income | 0 | 0 |
| Trading income | 14 251 931 | 14 448 604 | Extraordinary expenses | 0 | 0 |
| Taxes | (654 600) | (359 422) | |||
| Half year profit | 1 636 515 | 767 049 |
MIG:
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| Balance Sheet as of 30 June 2012 | |||||
|---|---|---|---|---|---|
| Assets | Liabilities | ||||
| 30.06.2012 | 30.06.2011 | 30.06.2012 | 30.06.2011 | ||
| CHF | CHF | CHF | CHF | ||
| Liquid assets | 55 685 979 | 33 584 773 | Amounts due to banks | 196 568 | 156 068 |
| Amounts due from banks | 108 477 895 | 125 025 467 | Other amounts due to customers | 150 389 003 | 113 180 327 |
| Amounts due from customers | 2 533 481 | 1 179 881 | Accrued expenses and deferred income | 5 368 641 | 10 596 448 |
| Trading portfolios | 323 696 | 0 | Other liabilities | 9 202 634 | 12 951 906 |
| Participating interests | 2 202 447 | 0 | Value adjustments and provisions | 1 890 370 | 2 213 476 |
| Tangible fixed assets | 7 470 820 | 7 264 177 | Reserves for general banking risk | 10 150 000 | 21 850 000 |
| Accrued income and prepaid expenses | 6 848 667 | 2 515 204 | Share capital | 45 000 000 | 45 000 000 |
| Other assets | 49 057 338 | 49 168 539 | General legal reserve | 6 916 835 | 6 535 161 |
| Total Assets | 232 600 323 | 218 738 041 | Profit brought forward | 2 872 981 | 121 175 |
| Profit for the period | 613 291 | 6 133 480 | |||
| Total subordinated claims | 745 150 | Total Liabilities | 232 600 323 | 218 738 041 | |
| Total amounts due from group companies and holders of | 759 005 | ||||
| qualified participations | Total amounts due to Group companies and qualified | 1 275 282 | 1 625 935 | ||
| participants | |||||
| Derivative financial instruments | |||||
| – Contract volume | 2 200 285 702 | 1 590 634 630 | |||
| – Positive replacement values | 48 400 942 | 49 134 212 | |||
| – Negative replacement values | –8 518 707 | –11 667 766 | |||
| Statement of income for the period ended 30 June 2012 | |||||
| 30.06.2012 | 30.06.2011 | 30.06.2012 | 30.06.2011 | ||
| CHF | CHF | CHF | CHF | ||
| Result from interest operations | Operating expenses | ||||
| Interest and discount income | 117 530 | 80 564 | Personnel expenses | –11 029 214 | –9 647 271 |
| Interest and dividend income trading portfolios | 1 986 | 0 | Other operating expenses | –8 327 525 | –7 615 738 |
| Interest expenses | –24 917 | –203 658 | Total operating expenses | –19 356 739 | –17 263 009 |
| Result from interest operations | 94 599 | –123 094 | Gross profit | –8 311 825 | 6 454 774 |
| Result from commission business and services | Depreciation and amortisation of fixed assets | –2 768 948 | –1 919 941 | ||
| Commission income from lending activities | 607 | 0 | Value adjustments, provisions and losses | –5 936 | –135 191 |
| Commission income from other services | 46 474 | 58 758 | Extraordinary income | 11 700 000 | 405 215 |
| Commission expense | –33 992 | –48 510 | Extraordinary expenses | 0 | –541 018 |
| Result from commission business and services | 13 089 | 10 248 | Taxes | 0 | –655 206 |
| Result from trading activities | 10 922 260 | 23 815 677 | Half year profit | 613 291 | 3 608 633 |
| Other result from ordinary activities | |||||
| Other ordinary income | 14 966 | 14 952 | |||
| Other result from ordinary activities | 14 966 | 14 952 |
