Futu Holdings Q3 Profit Improves, Declares Special Dividend

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(RTTNews) - Futu Holdings Ltd. (FUTU), a Hong Kong-based financial services provider, on Tuesday reported a rise in net profit for the third quarter, reflecting an increase in revenue.

For the three-month period to September 30, the company recorded a net income of Hong Kong dollar or HK$1.321 billion or HK$1.18 per share, higher than HK$1.091 billion or HK$0.98 per share, registered for the same period last year.

Earnings per ADS stood at HK$9.42, compared with HK$7.86 per ADS in the prior year.

Excluding items, profit improved to HK$1.398 billion from the prior year's HK$1.157 billion.

Income before income tax expense and share of loss from equity method investments stood at HK$1.599 billion as against the prior year's HK$1.303 billion.

Income from operations increased to HK$1.731 billion from the previous year's HK$1.320 billion.

Total trading volume increased by 74.7 percent year-over-year to HK$1.90 trillion, in which trading volume for U.S. stocks was HK$1.53 trillion, and trading volume for Hong Kong stocks was HK$347.7 billion.

Total number of paying clients increased 33.1 percent year-over-year to 2,196,647 as of September 30.

Revenue was HK$3.436 billion, up from last year's HK$2.650 billion.

Brokerage commission and handling charge income was HK$1.528 billion, up 51.5 percent from last year. This was mainly due to the 74.7 percent year-over-year increase in total trading volume.

Interest income was HK$1.698 billion, an increase of 12.9 percent from a year ago, mainly due to higher margin financing income as well as higher interest income from securities borrowing and lending business.

The company will pay a special cash dividend of $0.25 per share, or $2 per ADS, to holders of shares and holders of ADSs as of December 6.