Dukascopy Posts a Record 372% Jump in 2020 Profits
- The net profit of the group came in at CHF 10.4 million.
Geneva-based Dukascopy Bank, which is a retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker, published its annual financials ending December 31, 2020, reporting a record in its income and profits. The total operating income of the company touched CHF 40.1 million, which is a yearly jump of 43.2 percent. It generated CHF 28 million and CHF 27.4 million in 2019 and 2018, respectively.
The windfall was generated mostly due to the economic impact of the Covid-induced lockdown that led to extreme Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the market.
“2020 was an exceptional year in terms of trading profits due to high volatility,” Dukascopy’s Co-CEOs, Veronika and Andrey Duka, said in a statement.
A Record Year for the Company
The income was amplified as the company managed to trim down its operating expenses by almost 14 percent to CHF 21 million. Its net profit stood for the year stood at CHF 10.4 million, which is up from the previous year’s CHF 2.2 million.
In addition, Dukascopy highlighted that it allocated CHF 4 million to create a ‘reserve for general banking risks,' of which CHF 3.4 million will reinforce its capital base. Without this allocation, the net profits would be even higher.
Founded in 2004, Dukascopy now has many business vertices, and its operations have expanded internationally. The group’s bank and securities houses are regulated in Switzerland, Latvia and Japan. Moreover, it has invested heavily in the crypto business and is now offering issuance, custody and exchange infrastructure to digital currency businesses.
Furthermore, the annual report highlighted that the group generated a net profit of CHF 78,000 from its Dukascopy Europe, by reducing the operating expense by 30.3 percent. Dukascopy Japan generated a net profit of CHF 96,000. SWFX – Swiss FX Marketplace SA, which was consolidated first in 2019, also generated a profit of CHF 118,000.
“These results represent a historical record for the Bank since its inception and result from a combination between a general increase in banking results and exceptional market conditions,” the Co-CEOs added.
Geneva-based Dukascopy Bank, which is a retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker, published its annual financials ending December 31, 2020, reporting a record in its income and profits. The total operating income of the company touched CHF 40.1 million, which is a yearly jump of 43.2 percent. It generated CHF 28 million and CHF 27.4 million in 2019 and 2018, respectively.
The windfall was generated mostly due to the economic impact of the Covid-induced lockdown that led to extreme Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the market.
“2020 was an exceptional year in terms of trading profits due to high volatility,” Dukascopy’s Co-CEOs, Veronika and Andrey Duka, said in a statement.
A Record Year for the Company
The income was amplified as the company managed to trim down its operating expenses by almost 14 percent to CHF 21 million. Its net profit stood for the year stood at CHF 10.4 million, which is up from the previous year’s CHF 2.2 million.
In addition, Dukascopy highlighted that it allocated CHF 4 million to create a ‘reserve for general banking risks,' of which CHF 3.4 million will reinforce its capital base. Without this allocation, the net profits would be even higher.
Founded in 2004, Dukascopy now has many business vertices, and its operations have expanded internationally. The group’s bank and securities houses are regulated in Switzerland, Latvia and Japan. Moreover, it has invested heavily in the crypto business and is now offering issuance, custody and exchange infrastructure to digital currency businesses.
Furthermore, the annual report highlighted that the group generated a net profit of CHF 78,000 from its Dukascopy Europe, by reducing the operating expense by 30.3 percent. Dukascopy Japan generated a net profit of CHF 96,000. SWFX – Swiss FX Marketplace SA, which was consolidated first in 2019, also generated a profit of CHF 118,000.
“These results represent a historical record for the Bank since its inception and result from a combination between a general increase in banking results and exceptional market conditions,” the Co-CEOs added.