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Swiss forex bank Dukascopy Bank saw its operating income at CHF 33.2 million in 2016, posting the second highest value after 2015 when it reached CHF 35 million, finance online media Finance Magnates reported on Wednesday, citing corporate information made available to them. In 2015 the bank benefited from the high market volatility resulting from the unpegging of the Swiss franc (CHF) from the Euro (EUR).
Its net profit, however, fell 26% to CHF 2.5 million on the back of a 13% increase in operating expenses to CHF 29 million for the reporting period. The reason for this is that the bank invested heavily in research and development, as well as in expanding its product offering.
“The increase in operating expenses has negatively affected net profits but was an important investment for the future. Currently, Dukascopy Bank massively extends its range of financial instruments, specifically by adding a large number of CFDs on blue chips across major markets,” said Dukascopy Bank CFO Laurent Bellieres.
Moreover, Dukascopy Bank generated a record-high trading volume of CHF 657.3 billion for 2016, which is just slightly higher than a year earlier. The relatively calm forex markets throughout the year were only disturbed by short outbursts of volatility around key risk events, the media noted.
The bank intends to continue developing its mobile messanger Dukascopy Connect and expanding its retail banking services. Dukascopy Connect provides an instant mobile payments system and a social network in one place with support for messaging, voice&video calls, and file sharing. It is available for devices with iOS and Android operating systems.
“Also, Dukascopy Bank made its proprietary messenger “Dukascopy Connect” a back-bone for instant and very low cost retail banking,” Bellieres said. “Our Bank will continue to extend its online retail banking services and will make Dukascopy Connect available to financial institutions as a freeware,” he added.
Dukascopy Bank is licensed as a bank and as a securities dealer by Switzerland’s Financial Market Supervisory Authority (FINMA). It was set up in 2004 and is based in Switzerland’s Geneva, but also operates globally through offices in Zurich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong.