Dukascopy Bank SA has announced its financial results for 2023.

"2023 was the fifth consecutive successful year for Dukascopy Bank SA," the company said in a statement.

The bank's net profit for 2023 fell to CHF 1.3 million from CHF 6.4 million the previous year, mainly due to unfavorable changes in market conditions.

The cost-income ratio increased to 89.2% for the period under review, compared to 71.3% in 2022. The increase in the ratio was due to a decrease in total operating income to CHF 22.1 million.

Total client assets and deposits amounted to CHF 95.8 million and CHF 130.9 million, respectively.

The company emphasized that brokerage services for trading accounts remained the main source of operating income.

"Dukascopy Bank has consolidated its strategy by focusing on two main business areas: forex, CFDs, and retail banking," said Veronika and Andrej Duka, Co-Chief Executive Officers.

"Despite the challenges of FY2023, the bank remains profitable," they added.

Earlier, Dukascopy Bank SA reduced the fees for transferring funds in euros and US dollars.