Futu bags $1.2b net income in Q2 2024
Earnings per share stood at 1.08 Hong Kong cents.
Futu Holdings Limited saw its second quarter (Q2 2024) net income climb 8.0% year-on-year (YoY) to HK$1.2b (US$154.9m).
Revenue was also up by 26% YoY to HK$3.1b (US$400.7m) in Q2 2024. For the first six months of the year, net income dipped 2.5% YoY to HK$2.6b (US$340.9m).
Earnings per share (EPS) stood at 1.08 Hong Kong cents (0.14 US cents) in the three-month period. Meanwhile, H1 2024's EPS stood at 2.01 Hong Kong cents (0.26 US cents).
"As total net asset inflow recorded robust sequential growth, we surpassed our full-year 2023 net asset inflow only 6 months into the year. Total client assets in Singapore achieved double-digit sequential growth for the eighth consecutive quarter," Leaf Hua Li, Futu’s Chairman and Chief Executive Officer said in a filing.
"In Malaysia, both total client assets and average client assets logged rapid sequential increase. Our clients’ higher risk appetite in the quarter led to more leveraged positions. As a result, margin financing and securities lending balance increased by 16.6% sequentially to an all-time high of HK$43.8b.” Leaf added.