Online brokerage and wealth management platform Futu Holdings Limited reported a triple digital growth in its net income in the second quarter, as paying clients reached over 1 million.
- Net income surged 125.8% to HK$533.9 million or $68.7 million, and earnings per American Depositary Share grew to HK$3.54 from HK$1.88 a year ago. Growth was driven by the growth in revenues and operating leverage.
- Revenue jumped 129.3% to HK$1.579 billion or $203.1 million from HK$687.6 million, mainly due to total trading volume growth. Brokerage commission and handling charge income rose 94.8%, interest income by 193.6%, and other income by 140.5%.
- Total paying clients for the period increased by 230.2% to 1 million, while registered clients grew 142.5% to 2.316 million. Users jumped 66.8% to 15.5 million, and trading volume increased by 104.3% to HK$1.3 trillion.
- Chairman and Chief Executive Leaf Hua Li said Singapore contributed to over half of the net addition of 211,000 paying clients in the second quarter. The company plans to defend its market position in Hong Kong and expand further in Singapore.
Daily active users remained above 1 million on each trading day in June. FUTU is up 0.22%.