Swiss online brokerage Dukascopy has published its financial report for the first half of 2020 indicating growth in most areas of the business, including operating income and revenues boosted by a solid first quarter, which saw increases in trading and customer activity. The main growth was achieved in operating revenues, which totalled $28.0 million (CHF 25.4 million) – a 74% increase from $14.23 million (CHF 14.6 million) reported for the same time period in 2019.
The broker’s net profit also saw a strong increase from $737,447 (CHF 724,987) in 2019 to $13.8 million (CHF 12.5 million) in the first six months of 2020, while operating income outperformed to $16.2 million (CHF 14.7 million) in H1 2020 from only $1.07 million (CHF 1.05 million) in the same period in 2019.
Nonetheless, if comparing the 1Q 2020 metrics to the total H1 2020 data, it becomes evident that the positive impacts of elevated trader and customer activity in the first quarter have diminished as the half year came to a close. In 1Q the broker achieved a record quarterly profit of CHF 9.5 million and us such, about ¾ of profits were generated in the first three months of 2020.
It remains to be seen if Dukascopy will be able to engage customers effectively in trading as trading opportunities in global markets subside after the massive fluctuations seen this spring. Operating metrics suggest not all brokers continue to experience the same trading volumes and customer engagement as before.
Don’t miss the latest news and discussion on our Telegram channel. Subscribe today!