Dukascopy Bank's consolidated first-half profit fell 58% to CHF 1.38 million (about $1.73 million), according to an interim statement. A weaker trading result and lower net interest income outweighed higher commissions over the six months ended June 30.
Trading activities supplied 76% of the group's three core income lines. The decline in that business compressed profit even as customer deposits and total assets increased by double digits from the end of 2025.
A year earlier, Dukascopy's consolidated profit had risen to CHF 3.29 million from CHF 80,779. The latest figures reverse most of that improvement.
Trading and Interest Results Weaken
Trading remained the dominant income line. The consolidated result from trading activities fell 25% to CHF 8.77 million from CHF 11.71 million.
Net interest income declined 33% to CHF 383,918. Gross interest income decreased, while the group recorded CHF 26,864 in value adjustments for default risks and losses from interest operations, compared with none in the prior-year period.
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Commission business moved in the opposite direction. Net commission income increased 37% to CHF 2.33 million as income from services rose and commission expense fell.
| KPI (CHF) | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Consolidated profit | 1.38 million | 3.29 million | -58.1% |
| Operating result | 1.78 million | 4.00 million | -55.5% |
| Trading result | 8.77 million | 11.71 million | -25.1% |
| Net commission result | 2.33 million | 1.70 million | +36.7% |
| Net interest result | 0.38 million | 0.57 million | -32.9% |
The three income lines combined generated CHF 11.49 million, down 18% from CHF 13.98 million. Costs moved little. Operating expenses edged down 1.5% to CHF 9.50 million.
The operating result fell 56% to CHF 1.78 million. Tax expense decreased to CHF 398,746 from CHF 719,851, leaving consolidated profit at CHF 1.38 million.
On a standalone basis, Dukascopy Bank earned CHF 1.51 million, down 55% from CHF 3.32 million. The document lists Dukascopy Europe IBS, Dukascopy Japan and SWFX as consolidated subsidiaries.
Customer Deposits Add CHF 48 Million
Customer deposits reached CHF 239.29 million at June 30, up CHF 48.38 million, or 25%, from the end of December. Liquid assets increased 35% to CHF 164.10 million.
Total consolidated assets rose 19% to CHF 309.50 million from CHF 260.82 million. Amounts due from banks increased to CHF 78.88 million, while amounts due from customers declined 13% to CHF 10.22 million.
The deposit increase continued the expansion reported for 2025. Dukascopy ended that year with CHF 188.6 million in standalone customer deposits, up 16% from a year earlier.
The interim statement does not break out the latest deposit growth by geography, account type or customer category. It also contains no management discussion, cash-flow statement or regulatory capital ratios.
Swiss Peer Reports a Different Revenue Mix
Swissquote's first-half figures showed that earnings patterns varied across Swiss online trading providers. Its net revenue increased 1.7% to CHF 364.2 million, with higher trading, interest and eForex income offsetting a 66% decline in crypto income.
The two businesses differ substantially in scale and reporting mix, so the figures are not directly comparable. Swissquote reported CHF 96.3 billion in client assets, while Dukascopy's statement reports bank assets and customer deposits.
Dukascopy is listed by the Swiss Financial Market Supervisory Authority (FINMA) as a licensed bank. Its June balance sheet showed CHF 309.50 million in consolidated assets and CHF 239.29 million due in respect of customer deposits.
The six-page statement did not provide guidance for the second half.
