FX bank Dukascopy reports 39% rise in 2023 profit

FX broker Dukascopy has unveiled its financial statement for the twelve months ending December 31, 2023.


The Geneva-based firm’s latest report was characterized by positive metrics in areas ranging from operating income to revenues, underpinning its guidance for the new year.

Specifically, the forex bank witnessed a surge in its revenues, which came in at CHF 39.4 million. This figure is up by more than 18 percent from the CHF 33.2 million reported back in the same period a year ago.

This increase was mainly fueled by a rise in trading volume and a growing client base, as the bank pushed forward with plans to expand its service offerings. Additionally, net fee and commission income, which is a major component of the bank’s revenue, grew by 10%.

Operating expenses for the year reached CHF 28.9 million, a slight increase from CHF 26.6 million in 2022. These additional costs were linked to investments in technology and international expansion, which are part of the bank’s strategy to “boost its competitiveness and extend its global footprint.”

The broker’s ultimate bottom-line figure, which factored out interest receivable and other income also showed a strong year-over-year performance relative to 2022, having yielded a profit of CHF 8.5 million, up 39 percent from CHF 6.1 million in the previous year.

Dukascopy has recently rolled out a novel lending product that allows customers to leverage their cryptocurrency holdings. The automated feature enables users to borrow up to 50% of the value of their digital assets in fiat currency while still retaining ownership of their original crypto investments.

Dukascopy Bank, headquartered in Geneva, is now offering clients the option to secure a cash loan in U.S. dollars while keeping their cryptocurrency investments intact. Under the bank’s new lending program, clients can access a loan for up to half of the value of their cryptocurrency assets in fiat currency.

The lending program requires users to have a multi-currency bank account with the broker, which acts as a central hub for crypto lending. To make use of this feature, customers need to open a multi-currency bank account (MCA) and transfer the cryptocurrency they want to utilize. They can then access their digital assets in the “Investments” section and choose the “Crypto lending/borrowing” option.

Dukascopy’s introduction of this lending service comes amid challenging times for the cryptocurrency industry and the crypto lending sector in particular. Both are facing increased regulatory pressures and high-profile bankruptcies such as those of Celsius and Voyager.

Dukascopy Bank has developed rich crypto-fiat functionality over the last several years together with its retail banking activities. More than 6.1 million Dukascoins were issued by the end of the year 2022. However, the broker’s cryptocurrency business was a major focus for clone scams as the pandemic has made people more susceptible due to concerns about personal finances.