SGX Declares Net Profit Increase of 16.7% in Quarter 2 Year on Year
by
Andrew Saks McLeod
Singapore Exchange yesterday announced that their second quarter profit was 16.7% higher than the previous year, bolstered by the performance of its securities and derivatives business. In the three months ending December 31, SGX’s net profit increased from SGD65.4 million ($53 million) to SGD76.3 million ($62.6 million), with revenue growing 9.2 per cent on-year to SGD161.8 million ($132.6 million).
The increase in profitability was primarily due to a 9 per cent increase in securities revenue which reached SGD57.8 million, and a 21 per cent increase in derivatives revenue, to SGD45.7 million.
Speaking at Singapore Exchange's quarterly earnings briefing in Singapore yesterday, CEO Magnus Bocker explained "The successes in the derivative market will help us to grow our clearing business, and the standards which are needed for our clearing houses. If you look back 3 years, we talked a lot about the implementation of the secure clearing system. This implementation is now bearing fruit. It has taken time but we are now seeing the successes. We are very much an infrastructure company."
It is worthy of note that as a concequence of this growth, collateral management increased 25% to S$15 million driven by improved yields in collateral balance.
In terms of expenses, there was an increase of 4 per cent year-on-year to SGD71.7 million, with staff costs rising 16.1 per cent year-on-year to hit SGD29.6 million due to higher employee compensation Payments in line with improved performance.
Mr Bocker reported a strong balance sheet with no gearing, and a dividend of 4 cents per share. He announced that contrary to the overall trend of decreasing volumes in the international market, Singapore Exchange's average volume was up 30% year-on-year, and an increase of 8% in trading volumes for shares, in line with Forex Magnates report earlier this month.
Looking ahead, Magnus Bocker explained the importance of reinvestment to further improve the exchange's international presence and abilities; "The priority for the coming year is to concentrate a lot of time and effort to create clarity in readiness for the new regulations. We are running a trust business, we are continuing to build the trust so that we can become the Asian gateway as a Clearing House. We wish to gain recognition in the US and Europe as a clearing house and exchange. This is important for us in our international focus."
Singapore Exchange yesterday announced that their second quarter profit was 16.7% higher than the previous year, bolstered by the performance of its securities and derivatives business. In the three months ending December 31, SGX’s net profit increased from SGD65.4 million ($53 million) to SGD76.3 million ($62.6 million), with revenue growing 9.2 per cent on-year to SGD161.8 million ($132.6 million).
The increase in profitability was primarily due to a 9 per cent increase in securities revenue which reached SGD57.8 million, and a 21 per cent increase in derivatives revenue, to SGD45.7 million.
Speaking at Singapore Exchange's quarterly earnings briefing in Singapore yesterday, CEO Magnus Bocker explained "The successes in the derivative market will help us to grow our clearing business, and the standards which are needed for our clearing houses. If you look back 3 years, we talked a lot about the implementation of the secure clearing system. This implementation is now bearing fruit. It has taken time but we are now seeing the successes. We are very much an infrastructure company."
It is worthy of note that as a concequence of this growth, collateral management increased 25% to S$15 million driven by improved yields in collateral balance.
In terms of expenses, there was an increase of 4 per cent year-on-year to SGD71.7 million, with staff costs rising 16.1 per cent year-on-year to hit SGD29.6 million due to higher employee compensation Payments in line with improved performance.
Mr Bocker reported a strong balance sheet with no gearing, and a dividend of 4 cents per share. He announced that contrary to the overall trend of decreasing volumes in the international market, Singapore Exchange's average volume was up 30% year-on-year, and an increase of 8% in trading volumes for shares, in line with Forex Magnates report earlier this month.
Looking ahead, Magnus Bocker explained the importance of reinvestment to further improve the exchange's international presence and abilities; "The priority for the coming year is to concentrate a lot of time and effort to create clarity in readiness for the new regulations. We are running a trust business, we are continuing to build the trust so that we can become the Asian gateway as a Clearing House. We wish to gain recognition in the US and Europe as a clearing house and exchange. This is important for us in our international focus."
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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