Amid the pandemic when millions stayed online, Swiss online bank Dukascopy reported its most profitable year ever with a 372% jump in 2020 profits.
Based in Geneva, Dukascopy Bank is a retail forex and CFD broker that has announced its annual financial statements ending on December 31, 2020. Dukascopy managed to set a record for revenues and profits with group net income reaching CHF 10.4 million.
COVID Lockdown Boosts Profits
Founded in 2004, Dukascopy now has many business branches which have expanded internationally. Throughout 2020, the company's total operating income touched CHF 40.1 million, or a 43.2 percent increase from the previous years of CHF 28 million in 2019, and CHF 27.4 million in 2018.
2020 was a phenomenal year in terms of trading profits, as high volatility resulted in Dukascopy and other brokers receiving a windfall from the economic impact of COVID-induced lockdown.
This astonishing income was also reinforced by the company's success in cutting its operating costs by 14 percent to CHF 21 million. As a result, Dukascopy's net profit for last year successfully earned CHF 10.4 million, an increase of CHF 2.2 million from the previous year.
Furthermore, this annual report also highlights the performance of Dukascopy Europe which generated a net profit of CHF 78,000 due to a 30.3 percent reduction in operating costs. Dukascopy co-CEOs, Veronika and Andrey Duka added that this result is a historical record for Dukascopy.