Futu's Impressive Growth: Highlights from 2024 Financials
Futu Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results
HONG KONG - Futu Holdings Limited (Nasdaq: FUTU), a tech-driven online brokerage and wealth management platform, has successfully revealed its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In a significant demonstration of growth, the company reported an outstanding surge in client acquisition and revenue.
Operational Highlights
Fourth Quarter and Full Year 2024 Operational Summary:
- Total paying clients: Grew 41% year-over-year to 2.41 million.
- Total registered clients: Rose 28.7% year-over-year to 4.58 million.
- Total users: Increased 16.2% year-over-year to 25.1 million.
- Total client assets: Expanded 53.1% year-over-year to HK$743.3 billion.
- Daily average client assets: HK$722.3 billion in Q4 2024, marking a 53.6% increase from Q4 2023.
- Total trading volume: Q4 2024 recorded a staggering HK$2.89 trillion, up 201.7% year-over-year.
- Margin financing and securities lending balance: Achieved a notable increase of 53.7% year-over-year to HK$50.9 billion.
Financial Highlights for Q4 2024
- Total revenues: HK$4,432.5 million (US$570.6 million), an increase of 86.8% year-over-year.
- Total gross profit: HK$3,656.5 million (US$470.7 million), increasing by 88.5% year-over-year.
- Net income: Reached HK$1,869.5 million (US$240.7 million), a magnificent rise of 113.3% year-over-year.
- Non-GAAP adjusted net income: HK$1,952.3 million (US$251.3 million), up 105.4% year-over-year.
Full 2024 Financial Highlights
- Total revenues: HK$13,590.1 million (US$1,749.6 million), growing by 35.8% year-over-year.
- Total gross profit: HK$11,144.7 million (US$1,434.7 million), up 31.5% year-over-year.
- Net income: Increased to HK$5,433.1 million (US$699.4 million), a 27.0% rise compared to 2023.
- Non-GAAP adjusted net income: Reached HK$5,768.0 million (US$742.6 million), growing by 26.2% year-over-year.
CEO's Insights
Mr. Leaf Hua Li, Chairman and CEO of Futu, reflects on a year of remarkable growth. He noted that in 2024, the company welcomed over 701 thousand new paying clients, achieving a significant milestone. The fourth quarter alone saw 215 thousand new clients, marking a 39.1% rise from the previous quarter, primarily driven by effective marketing initiatives in various markets, particularly in Hong Kong.
Li emphasized the company's strategy to enhance the client experience, especially in the U.S., Japan, Singapore, and Malaysia, which contributed significantly to client growth and asset inflows. The firm's innovative digital platforms, including Futubull and moomoo, are designed to provide an integrated service experience, catering to the needs of its users.
Future Outlook
Looking ahead, Futu is optimistic about the prospects for 2025, aiming to achieve a net addition of 800 thousand paying clients, sustaining the momentum of growth witnessed in the past year. With the increasing digitalization of the investment landscape, the company plans to continue innovating and diversifying its offerings in response to evolving market demands.
Frequently Asked Questions
What were Futu's total revenues for Q4 2024?
Total revenues for Q4 2024 were HK$4,432.5 million (US$570.6 million), indicating substantial growth compared to the previous year.
How much did Futu's net income increase in 2024?
Futu's net income increased by 113.3% year-over-year to HK$1,869.5 million (US$240.7 million) in Q4 2024.
What is the projected growth for Futu in 2025?
Futu aims to achieve a net addition of 800 thousand paying clients in 2025.
How did client assets perform in 2024?
Total client assets grew by 53.1% to HK$743.3 billion in Q4 2024 compared to the prior year.
What strategies are in place for future growth?
Futu plans to enhance its digital platforms and localize its offerings to suit various markets, focusing on improved client experiences and innovative financial solutions.
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