Chinese Broker Futu’s Q4 2021 Revenue Jumps 35%, Net Profit Slips

Futu (Nasdaq: FUTU), which is known for providing Chinese traders access to US and Hong Kong stock markets, released its unaudited fourth-quarter financials, reporting a revenue increase of 35.1 percent to HK$1.6 billion (around $205.5 million).

The gross profit of the company came in at HK$1.39 billion ($177.7 million), a year-over-year increase of 46.8 percent. However, the net income declined by 6.3 percent to HK$498.8 million ($64.0 million), whereas the adjusted figure stood at HK$533.4 million ($68.4 million), down 3.5 percent.

Considering the yearly figures, the revenue of the company jumped 114.9 percent to HK$7.1 billion ($912.3 million). The gross profit in the year increased by 126 percent, while the net income also went up by 112 percent. In absolute terms, both of them came in at $757.6 million and $360.3 million, respectively.

“Despite sluggish equities market performance, we continued to deliver strong operating and financial results in the fourth quarter of 2021,” Futu’s Chairman and CEO, Leaf Hua Li said.

Indeed, the trading volume in Q4 2021 remained almost flat with only a jump of 1.3 percent to HK$1.2 trillion. However, the total trading volume of the year jumped by 77.2 percent to HK$6.1 trillion.

Daily average revenue trades or DARTs improved by 17.6 percent in the fourth quarter and 93.5 percent in the overall year.

Strong Client Numbers

The broker also ended the year with impressive client statistics. The total number of users of the platform jumped by 45.8 percent to 17.4 million. The number of registered clients and paying clients also increased by 93.8 percent and 140.8 percent, respectively.

“Despite the negative impacts from a series of headline news in the fourth quarter, we still achieved positive net paying client addition across all markets and maintained approximately 97% quarterly paying client retention. About 90% of new paying clients in the quarter came from Hong Kong, Singapore and the U.S,” Li said.

Futu (Nasdaq: FUTU), which is known for providing Chinese traders access to US and Hong Kong stock markets, released its unaudited fourth-quarter financials, reporting a revenue increase of 35.1 percent to HK$1.6 billion (around $205.5 million).

The gross profit of the company came in at HK$1.39 billion ($177.7 million), a year-over-year increase of 46.8 percent. However, the net income declined by 6.3 percent to HK$498.8 million ($64.0 million), whereas the adjusted figure stood at HK$533.4 million ($68.4 million), down 3.5 percent.

Considering the yearly figures, the revenue of the company jumped 114.9 percent to HK$7.1 billion ($912.3 million). The gross profit in the year increased by 126 percent, while the net income also went up by 112 percent. In absolute terms, both of them came in at $757.6 million and $360.3 million, respectively.

“Despite sluggish equities market performance, we continued to deliver strong operating and financial results in the fourth quarter of 2021,” Futu’s Chairman and CEO, Leaf Hua Li said.

Indeed, the trading volume in Q4 2021 remained almost flat with only a jump of 1.3 percent to HK$1.2 trillion. However, the total trading volume of the year jumped by 77.2 percent to HK$6.1 trillion.

Daily average revenue trades or DARTs improved by 17.6 percent in the fourth quarter and 93.5 percent in the overall year.

Strong Client Numbers

The broker also ended the year with impressive client statistics. The total number of users of the platform jumped by 45.8 percent to 17.4 million. The number of registered clients and paying clients also increased by 93.8 percent and 140.8 percent, respectively.

“Despite the negative impacts from a series of headline news in the fourth quarter, we still achieved positive net paying client addition across all markets and maintained approximately 97% quarterly paying client retention. About 90% of new paying clients in the quarter came from Hong Kong, Singapore and the U.S,” Li said.

Source: https://www.financemagnates.com/forex/brokers/chinese-broker-futus-q4-2021-revenue-jumps-35-net-profit-slips/