HKEX profit drops 3% YoY in H1 2024 despite record Q2 earnings
Q2 profit was $3.2b, a second-quarter high.
The Stock Exchange of Hong Kong Limited (HKEX) reported a 3% year-on-year (YoY) drop in its profit attributable to shareholders in H1 2024 despite achieving record earnings in Q2.
Net profit for H1 2024 was $6.13b. The bourse cited global fatigue and ongoing uncertainty over interest rate outlook as some of the challenges it faced in the first half of the year. Consequently, HKEX also suffered a 4% YoY decline in its average daily turnover.
However, the bourse’s record Q2 figures are a testament to HKEX’s strength and resilience.
In Q2, HKEX achieved second-quarter highs for revenue and other income, and profit.
Revenue and other income for the period rose 8% YoY to $5.42b, driven by its core business and net income from corporate funds, which increased to $366m.
Profit attributable to shareholders in Q2 also saw a 9% rise, reaching $3.2b.
The bourse attributed its record Q2 performance to the gradual recovery of the Hong Kong IPO market, which saw 81 IPO applications, up 69% YoY.
Based on the recent financial results, the HKEX board declared an interim dividend of $4.36 per share, payable in cash.