Broker Dukascopy has published its interim financial report for the first half of 2023, revealing that its revenues were below CHF 10 million for the first time in more than 10 years.
The broker's consolidated revenue fell by 22% from the previous six-month period to CHF 9.6 million, down 33% compared to the same period in 2022.
Meanwhile, Dukascopy's net profit for the period fell to CHF 889,000 from CHF 2.8 million in the second half of 2022 and CHF 3.9 million in the first half of 2022, according to FNG.
Client deposits declined to CHF 130.0 million on June 30, 2023, from CHF 132.1 million at the end of 2022.
Notably, the broker reduced its operating expenses by 74% year-over-year in the first half, from CHF 4.8 million to CHF 1.2 million.
On a positive note, Dukascopy's net interest income grew 800% year-over-year from CHF 76,000 to CHF 686 million.
Dukascopy said it was able to break even despite geopolitical tensions in Eastern Europe, high inflation, and rising interest rates.
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