BRIEF: Futu’s profit doubles on stock market rebound

Online brokerage Futu Holdings Ltd. (FUTU.US) announced on Thursday its first-quarter revenue jumped 81% year-on-year to HK$4.7 billion ($603 million), while its adjusted non-GAAP net profit soared 98% to HK$2.22 billion.

The company’s revenue from trading commissions and fees surged 113.5% year-on-year to HK$2.31 billion. Its interest income rose 52.9% to HK$2.07 billion, while other income — including from wealth management and enterprise services — doubled to HK$314 million.

Futu’s total trading volume for the quarter reached HK$3.22 trillion, marking a 140.1% increase from a year earlier. U.S. stock trading accounted for HK$2.25 trillion of that, while Hong Kong stock trading totaled HK$916 billion. The number of Futu’s funded accounts rose 41.6% year-on-year to 2.67 million by the end of March, as its client assets grew 60.2% to HK$829.8 billion.

Futu‘s stock edged down 0.32% on Thursday in New York to closed at $107.36.

By Lee Shih Ta

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