Dukascopy Operating Income Jumps 12% as FX Trading Gains Offset Commission Drop

Dukascopy reported a 12% rise in total operating income for 2025 to CHF 20.8m and a net profit jump to CHF 1.2m as stronger FX and CFD trading offset a fall in net commissions. Trading income was central—result from trading rose to CHF 16.5m (up from CHF 14.7m) and forex trading profitability climbed 25.5%—while client deposits grew 15.6% to CHF 188.6m and multi‑currency account balances rose 34.1% to CHF 137.5m. The bank cut operating costs 5%, improving the cost‑income ratio to 90.2%. Management is pushing product expansion (MT5 expanded to 400+ instruments including gold, silver and crypto CFDs), sharpening crypto accounting, and leveraging new trading and payments products to offset geopolitical risks. Market impact: Dukascopy’s results and product expansion should support higher platform liquidity and trading flows in FX, metals and crypto CFDs, reinforcing its competitive position among retail FX/CFD brokers despite macro risks.