Retail brokerage, MultiBank Group has disclosed its record financial figures for 2020, reporting a gross profit of over $139 million for the year, representing an increase of 62% from the 2019 figures. At that time, the firm profited over $85 million for the year, according to its report published on Tuesday.
Additionally, the group’s annual turnover for last year was over $5 trillion, having posted a yearly record.
“2020 was a monumental year to say the least, and I am so proud of these record-breaking financial figures. The results are a testament to our commitment to providing our clients with award-winning technologies, platforms and services, and of course to our fantastic team,” Nasher Taher, Chairman of MultiBank Group, commented on the announcement.
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Furthermore, Taher foresees such figures to provide a clear picture of what 2021 could bring to the MultiBank Group due to the record numbers posted in the recent report.
Established in 2005, the retail brokerage is currently regulated by 11 financial watchdogs globally on five continents, with branches located in countries such as Australia, Germany, Austria, Spain, Cyprus, USA, Mexico, UAE, Kuwait, Jordan and Turkey.
MultiBank Group Diversification into New Regions
At the end of 2020, Finance Magnates reported strong performance in the first three quarters of 2020 for the MultiBank Group.
According to the report, the company’s gross profit surged to over $94 million at that time. The strain of rising good numbers for the retail brokerage also came in the wake of its headquarters location to Hong Kong and the United Arab Emirates, which saw a diversified revenue share across other fronts such as Latin America, the Middle East, and Asia.