Futu Reports Impressive Second Quarter 2024 Financial Results
Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ: FUTU), a prominent online brokerage and wealth management platform driven by technology, has released its unaudited financial results for the second quarter ending June 30, 2024.
Operational Highlights for the Second Quarter 2024
The number of paying clients surged by 28.8% year-over-year, reaching 2,042,313 as of June 30, 2024.
Registered clients saw a year-over-year increase of 19.1%, totaling 4,045,703.
The overall user base grew by 13.3% year-over-year, now standing at 23.3 million.
Client assets climbed by 24.3% year-over-year, hitting HK$579.3 billion.
The daily average client assets reached HK$560.0 billion, reflecting a 24.4% rise compared to the previous year.
In the second quarter, total trading volume rose by 69.0% year-over-year to HK$1.62 trillion.
Daily average revenue trades (DARTs) surged by 67.4% year-over-year, totaling 652,286.
Financial Highlights for the Second Quarter 2024
Total revenues grew by 25.9% year-over-year, amounting to HK$3,129.0 million (US$400.7 million).
The total gross profit increased by 21.1% year-over-year, reaching HK$2,554.7 million (US$327.2 million).
Net income rose by 8.0% year-over-year to HK$1,209.3 million (US$154.9 million).
Non-GAAP adjusted net income saw an 8.6% year-over-year growth, totaling HK$1,296.2 million (US$166.0 million).
Statement from the CEO
Mr. Leaf Hua Li, Chairman and CEO of Futu, stated, “We concluded the second quarter with over two million paying clients, showcasing significant growth. The strong momentum in the market has encouraged us to raise our guidance for new paying clients in 2024 to 550 thousand.”
Increased Client Engagement
New paying clients across various regions, including Hong Kong and Singapore, experienced double-digit growth. To meet the rising demand for asset diversification, the Company has recently introduced cryptocurrency trading services.
Futu has also reported a robust inflow of client assets, with total client assets reaching an all-time high, indicating a growing interest in leveraged positions among clients.
Upcoming Conference Call
Futu's management will host an earnings conference call at a designated time to delve deeper into these results, offering insights into future strategies and expectations.
About Futu Holdings Limited
Futu Holdings Limited (NASDAQ: FUTU) is an innovative technology company that is reshaping the investing experience by providing a wide array of digital financial services. The Company's proprietary platforms offer comprehensive 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.
