Dukascopy H1 Profit Drops 58% Despite 25% Deposit Growth

Geneva-based Dukascopy Bank saw consolidated net profit drop 58% in the first half of 2026 to CHF 1.38 million (around $1.73 million), according to interim figures released on Tuesday. The pullback reverses most of the improvement seen in H1 2025, when profit rose to CHF 3.29 million, and was driven by a weaker trading result and lower net interest income.

The bank's trading business remains the largest of its three main income streams, contributing 76% of the combined total, but the consolidated trading result fell 25% year on year to CHF 8.77 million. Net interest income declined 33% to CHF 383,918, including CHF 26,864 in value adjustments for default risks and losses from interest operations, after no such charge a year earlier. Net commission income, by contrast, advanced 37% to CHF 2.33 million.

Across the three income lines, Dukascopy generated CHF 11.49 million, down 18% from CHF 13.98 million in the same period of 2025. Operating costs were broadly flat, easing 1.5% to CHF 9.50 million, while the operating result contracted 56% to CHF 1.78 million. A lower tax charge of CHF 398,746, compared with CHF 719,851 previously, left consolidated profit at CHF 1.38 million. On a standalone basis, Dukascopy Bank earned CHF 1.51 million, down 55% year on year.

Customer deposits provided a brighter spot on the balance sheet. They rose to CHF 239.29 million at the end of June, an increase of CHF 48.38 million, or 25%, from the end of December. Liquid assets climbed 35% to CHF 164.10 million, and total consolidated assets increased 19% to CHF 309.50 million. The results cover the group's consolidated subsidiaries, which include Dukascopy Europe IBS, Dukascopy Japan and SWFX.

The interim statement does not break down deposit growth by geography, account type or customer segment, and includes no management discussion, cash-flow statement or regulatory capital ratios. It also provides no guidance for the second half.

Dukascopy's performance contrasts with larger Swiss online trading peer Swissquote, which reported net revenue up 1.7% to CHF 364.2 million in its own H1 results, as stronger trading, interest and eForex income offset a 66% slump in crypto income. The two companies are not directly comparable given their difference in scale and reporting format: Swissquote reported CHF 96.3 billion in client assets, while Dukascopy's statement focuses on bank assets and customer deposits. Dukascopy remains a FINMA-licensed bank.