Geneva, Switzerland based broker Dukascopy Bank has reported its financial metrics for full-year 2019 and the first quarter of 2020. The company has disclosed that it earned $2.27 million in net profit for 2019, which is an improvement from the operating loss booked for the financial year 2018. Nonetheless, the financial results of 2019 have been eclipsed by the soaring revenues reported for Q1 2020.
As with many other brokers, Dukascopy has indicated it experienced a sharp rise in the amount of trader activity and engagement. This has led the broker to book some $9.92 million in revenue for the first quarter of this year. The company noted that revenues were boosted by trading operations, which grew to CHF 16.6 million in Q1 2020. The quarterly figures are 3x higher as compared to the same quarter a year ago,
Our colleagues at Finance Magnates noted that: “during the last 3 years, Dukascopy substantially invested in diversifying its range of products. Besides its traditional core business, the trading activity, the bank has developed issuance, custody, and exchange infrastructure for cryptocurrencies as well as retail mobile banking services including instant payments and card operations. All such investments amounted to nearly CHF 6 million in revenues per year.” As such, 2020 may well turn out to be a record year for Dukascopy, if the trading activity and revenue capture can continue throughout the upcoming quarters.