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
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Futu profit doubles on heavy trading during stock market rally
FUTU.US -
Futu layoffs signal new phase of consolidation after rapid expansion
FUTU.US
- Waton plays up fintech transformation, though without much evidence
-
BRIEF: UP Fintech’s profit surges on stock market rally
TIGR.US
-
JF SmartInvest makes roaring, yet vulnerable, comeback on China stock rally
9636.HK
-
Soaring stock brokers, and rising tobacco
FUTU.US TIGR.US
-
Lianhe Sowell launches listing into stock market storm
LHSW.US
