Illusive Financial Situation Impacts Dukascopy 2021 Profits
Swiss mobile trading and financial services provider, Dukascopy Bank released its 2021 financial figures. The figures indicated a decrease in net profit, displaying a drop to CHF 2.1 million.
The year offered a 6.5% fall in operating expenses compared to the metrics provided in 2020. Nevertheless, the online trading platform had positive results in the number of client deposits. Besides the lagging and unpredictable financial environment, the Bank registered a 19.6% spike in the number of deposits in 2021 compared to 2020.
In the released report, the financial provider phrased crypto as the major strategic growth area. In addition, Dukascopy stated a significant hop in mobile multi-currency accounts (MCA) during 2021.
“Dukascopy Bank continued its crypto expansion by significantly improving its overnight rates for crypto instruments together with launching trading for 10 new cryptocurrency pairs. Dukascopy Bank continuously expands its list of trading instruments to meet customer requests. In addition, our Bank was able to increase the range of new products offered to its clients including new CFDs on shares and CFDs on cryptos. Starting from less than 50 FX currency pairs, the Bank is now offering trading on over 750 instruments,” the Co-Chief Executive Officers at Dukascopy, Veronika and Andrey Duka said.
Ukraine-Russia Uncertainties
The ongoing uncertainty between Ukraine and Russia leaves no favor to the Bank. Dukascopy noted that it may experience some challenges with the progressing conflicts between the two states.
“The Russian-Ukrainian conflict which started in February 2022 may have an impact on the Bank’s activities. It is, however, too early to quantify their effects on the Bank’s financials. The result for the first three months of 2022 is a profit of 2.0 million,” the company added.
Moreover, Dukascopy issued its subsidiaries’ financial reports. In Japan, the branch generated CHF 102,300 in 2021 whereas Dukascopy in Europe gave a return of CHF 46,000 the same year.
