Dukascopy has released its revenue report for the first half of the year. The Geneva-based forex bank said it recorded positive metrics in H1 as its profit surged 195% year-over-year (YoY).
The company saw a jump in its revenues, which came in at CHF 11.4 million or $11.47 million. According to the report, the latest figure shows an increase of 30% from the CHF 11.4 million (11.47 million) recorded in H1 2021.
Dukascopy’s Profit Hit CHF 3.89 Million In H1
The figure also factored in interest receivable as well as other income, which showed a strong year-over-year performance compared to 2021. The company said it recorded a profit of CHF 3.89 million. This is significant, considering that for the first half of 2021, Dukascopy Bank realized a net profit of CHF 1.4 million.
The forex bank has invested massively over the past six years to diversify its range of products. Apart from its traditional core business Ducaskopy has launched custody, exchange, and issuance service for crypto assets. The company has also launched retail mobile banking services such as card operations and instant payments. All these investments brought the company close to CHF 6 million in revenues per year.
Dukascopy To Strengthen Its Crypto Offering
Dukascopy has also taken important steps to add more crypto offerings to its services. The firm has opened the doors for clients to deposit and withdraw funds in digital coins. Users of mobile banking can also carry out free internal crypto-transfers between them. The company rolled out its cryptocurrency, Dukascoin, becoming the first regulated bank to do so.
Additionally, Dukascopy has added ten new crypto instruments for its users. These instruments are accessed via the decentralized finance (DeFi) realm, which has given users a lot of options. In addition to all these, the company has significantly improved its oversight rates.
The bank and securities houses of Dukascopy are regulated in Japan, Latvia, and Switzerland. The group provides different services, including desktop and mobile trading platforms and multi-products (CFD, bullion, FX, and Binary options). Other services offered by the firm include instant payments via smartphones, classical banking payments, guarantees, payment cards, and current accounts.