Glimpse into MIG Bank and Dukascopy financials – Swiss forex profitability is low

MIG Bank and Dukascopy’s financials recently became available and we can take a look and see what they looked like

MIG Bank and Dukascopy’s financials recently became available and we can take a look and see what they looked like in H1 2012. It seems that MIG is double the size of Dukascopy (balance sheet) however experienced a severe slow down in H1 2012 as compared to H1 2011 – trading income halved, which slashed its net profit by 83%. Dukascopy showed similar income but improved slightly on operational side which double its net profit. All in all these firms show very low income and profit levels.

Dukascopy:

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Balance Sheet as of 30 June 2012     
Assets  Liabilities  
 30.06.201230.06.2011 30.06.201230.06.2011
 CHFCHF CHFCHF
Liquid assets77 915 58840 328 502Amounts due to banks6 259 1793 542 648
Amounts due from banks39 536 33751 793 467Other amounts due to customers86 100 55564 843 489
Amounts due from customers401 203171 658Accrued expenses and deferred income2 776 8852 410 439
Participations1 386 497788 268Other liabilities6 702 1142 643 349
Tangible fixed assets2 130 3332 475 788Value adjustments and provisions1 299 2301 921 743
Intangible assets2 014 5052 583 836Share capital22 000 00022 000 000
Accrued income and prepaid expenses601 001165 718General legal reserve151 000106 000
Other assets5 653 3181 918 734Profit brought forward2 713 3041 870 655
Total Assets129 638 782100 225 972Half year profit1 636 515887 649
Total amounts due from Group companies and  Total Liabilities129 638 782100 225 972
qualified participants00Total amounts due to Group companies and qualified  
Irreovocable commitments758 000728 000participants1 079 1720
Off-balance sheet financial instruments     
Underlying amounts2 145 122 8031 100 418 861   
Positive replacement values5 574 7741 918 734   
Negative replacement values5 983 7732 175 419   
      
Statement of income for the period ended 30 June 2012     
 30.06.201230.06.2011 30.06.201230.06.2011
 CHFCHF CHFCHF
Interest income  Operating expenses  
Interest income17 97220 599Personnel expenses(6 553 446)(7 096 371)
Interest expenses(3 503)(666)Other operating expenses(4 295 391)(4 147 420)
Net interest income14 46919 933Total operating expenses(10 848 837)(11 243 791)
Income from commissions and services  Gross profit 3 477 3333 222 222
Commission income from investment activities022 203Depreciation(1 172 558)(2 048 889)
Commission income from other services103 56049Value adjustments, provisions and losses(13 660)(46 862)
Commission expenses (43 790)(24 776)Profit before extraordinary items and taxes2 291 1151 126 471
Net incom from commissions and services59 770(2 524)Extraordinary income00
Trading income14 251 93114 448 604Extraordinary expenses00
   Taxes(654 600)(359 422)
   Half year profit1 636 515767 049

MIG:

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Balance Sheet as of 30 June 2012     
Assets  Liabilities  
 30.06.201230.06.2011 30.06.201230.06.2011
 CHFCHF CHFCHF
Liquid assets55 685 97933 584 773Amounts due to banks196 568156 068
Amounts due from banks108 477 895125 025 467Other amounts due to customers150 389 003113 180 327
Amounts due from customers2 533 4811 179 881Accrued expenses and deferred income5 368 64110 596 448
Trading portfolios323 6960Other liabilities9 202 63412 951 906
Participating interests2 202 4470Value adjustments and provisions1 890 3702 213 476
Tangible fixed assets7 470 8207 264 177Reserves for general banking risk10 150 00021 850 000
Accrued income and prepaid expenses6 848 6672 515 204Share capital45 000 00045 000 000
Other assets49 057 33849 168 539General legal reserve6 916 8356 535 161
Total Assets232 600 323218 738 041Profit brought forward2 872 981121 175
   Profit for the period613 2916 133 480
Total subordinated claims745 150 Total Liabilities232 600 323218 738 041
Total amounts due from group companies and holders of759 005    
qualified participations  Total amounts due to Group companies and qualified1 275 2821 625 935
   participants  
Derivative financial instruments     
– Contract volume2 200 285 7021 590 634 630   
– Positive replacement values48 400 94249 134 212   
– Negative replacement values–8 518 707–11 667 766   
      
      
Statement of income for the period ended 30 June 2012     
 30.06.201230.06.2011 30.06.201230.06.2011
 CHFCHF CHFCHF
Result from interest operations  Operating expenses  
Interest and discount income117 53080 564Personnel expenses–11 029 214–9 647 271
Interest and dividend income trading portfolios1 9860Other operating expenses–8 327 525–7 615 738
Interest expenses–24 917–203 658Total operating expenses–19 356 739–17 263 009
Result from interest operations94 599–123 094Gross profit–8 311 8256 454 774
Result from commission business and services  Depreciation and amortisation of fixed assets–2 768 948–1 919 941
Commission income from lending activities6070Value adjustments, provisions and losses–5 936–135 191
Commission income from other services46 47458 758Extraordinary income11 700 000405 215
Commission expense–33 992–48 510Extraordinary expenses0–541 018
Result from commission business and services13 08910 248Taxes0–655 206
Result from trading activities10 922 26023 815 677Half year profit613 2913 608 633
      
Other result from ordinary activities     
Other ordinary income14 96614 952   
Other result from ordinary activities14 96614 952  
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