Futu Reports Strong Second Quarter 2024 Financial Results
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Futu Reports Strong Second Quarter 2024 Financial Results
Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ: FUTU), a leading tech-driven online brokerage and wealth management platform, announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Operational Highlights
Total number of paying clients increased 28.8% year-over-year to 2,042,313 as of June 30, 2024.
Total number of registered clients increased 19.1% year-over-year to 4,045,703.
Total number of users increased 13.3% year-over-year to 23.3 million.
Total client assets increased 24.3% year-over-year to HK$579.3 billion.
Daily average client assets reached HK$560.0 billion, marking an increase of 24.4% from the prior year.
Total trading volume in the second quarter increased by 69.0% year-over-year to HK$1.62 trillion.
Daily average revenue trades (DARTs) surged 67.4% year-over-year to 652,286.
Second Quarter 2024 Financial Highlights
Total revenues increased 25.9% year-over-year to HK$3,129.0 million (US$400.7 million).
Total gross profit rose 21.1% year-over-year to HK$2,554.7 million (US$327.2 million).
Net income increased 8.0% year-over-year to HK$1,209.3 million (US$154.9 million).
Non-GAAP adjusted net income grew 8.6% year-over-year to HK$1,296.2 million (US$166.0 million).
CEO's Statement
Mr. Leaf Hua Li, Futu’s Chairman and CEO, commented, “We ended the second quarter with over two million paying clients, representing substantial growth. The strong momentum we experienced in the market has led us to increase our guidance for new paying clients in 2024 to 550 thousand.”
Growth in Client Engagement
New paying clients in multiple regions, including Hong Kong and Singapore, showed double-digit growth. The Company recently launched cryptocurrency trading to enhance its service offerings, meeting growing demand for asset diversification.
Futu has also reported a strong client asset inflow, with total client assets reaching a record high, reflecting a growing appetite for more leveraged positions among clients.
Upcoming Conference Call
Futu's management will hold an earnings conference call at a scheduled time to discuss these results in more detail, providing insights into future strategies and expectations.
About Futu Holdings Limited
Futu Holdings Limited (NASDAQ: FUTU) is an advanced technology company transforming the investing experience by offering a range of digital financial services. The Company’s proprietary platforms provide extensive investment services, including trade execution and wealth management.
Frequently Asked Questions
What are the key highlights of Futu's second quarter results?
Key highlights include a 28.8% increase in paying clients, a 25.9% rise in total revenues, and a record total client assets of HK$579.3 billion.
Who is the CEO of Futu Holdings Limited?
The CEO of Futu is Mr. Leaf Hua Li.
What new services has Futu launched recently?
Futu has recently launched cryptocurrency trading services in markets including Hong Kong and Singapore.
How did Futu's trading volume change in the second quarter?
Total trading volume rose 69.0% year-over-year, amounting to HK$1.62 trillion.
What is Futu's guidance for new paying clients in 2024?
Futu has raised its guidance for new paying clients in 2024 to 550 thousand, reflecting strong market momentum.
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