Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) Q3 revenue higher than expected, net profit increased by 20.8% year-on-year.

Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) announced the unaudited financial report for the third quarter of 2024. In the third quarter, Futu's total revenue was 3.436 billion Hong Kong dollars (approximately 442 million US dollars), a year-on-year increase of 29.6%, exceeding market expectations. Net profit under Non-GAAP amounted to 1.398 billion Hong Kong dollars (approximately 180 million US dollars), a year-on-year increase of 20.8%. By business segment, in the third quarter of 2024, trading commissions and fees revenue reached 1.529 billion Hong Kong dollars (approximately 197 million US dollars), a year-on-year increase of 51.5%; interest income was 1.699 billion Hong Kong dollars (approximately 219 million US dollars), a year-on-year increase of 12.9%; other income (including wealth management, corporate services, etc.) was 209 million Hong Kong dollars (approximately 26.8 million US dollars), a year-on-year increase of 52.1%. As of the end of the third quarter, the number of registered users on the Futu Niu and moomoo applications reached 24.12 million, a year-on-year increase of 14.4%; the number of account opening clients reached 4.28 million, a year-on-year increase of 22.8%; and the total number of clients with assets increased to 2.2 million, a year-on-year increase of 33.1%. The net increase in clients with assets was 154,000 in the third quarter, a year-on-year increase of 138%. The total client assets at the end of the period reached 693.4 billion Hong Kong dollars (approximately 89.2 billion US dollars), and the total client trading volume was approximately 1.9 trillion Hong Kong dollars (approximately 2.451 billion US dollars). The client retention rate remained at a high level of over 98%. The continuous increase in platform trading volume, as well as the significant growth in overseas markets, were the strong drivers behind the performance of this quarter. During the period, with the ongoing strength of the US stock market, trading of US stocks on the Futu platform remained active, leading to a 23% increase in US stock trading volume compared to the previous quarter, with a year-on-year growth rate nearly doubling. The strong growth momentum of the three new markets in Japan, Canada, and Malaysia led to double-digit increases in the number of clients with assets and client asset size compared to the previous period.