US-listed UP Fintech (NASDAQ: TIGR), which is known by its tradename Tiger Brokers, published its unaudited financials for the fourth quarter of 2020, showing a massive increase in its business both for the quarter and the year.
The total revenue for the final quarter, ending on 31 December 2020, came in at $47.2 million, 135 percent higher than the reported figures for the same quarter a year ago. In addition, the net quarterly revenue of the multi-regulated broker jumped by 132.4 percent to $42.9 million.
The significant revenue jump contributed to the brokerage’s earnings as the net income for the quarter stood at $9.4 million, recovering from losses of the previous year.
Rounding up the figures for the whole year, the Nasdaq-listed broker ended 2020 with $138.5 million in total revenue, which is 136.1 percent higher than the previous year. Moreover, it had a net income of $19.2 million, compared to a $5.9 million loss in 2019.
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Similar to most of the trading platforms, Tiger Brokers’ business benefited from the spike in demand last year triggered by the volatility in the markets. The company revealed that it ended 2020 with more than 1.1 million customer accounts and handled over $65.4 billion in trading volumes in the last quarter of the year.
The rise in demand was prominent as the total account balance with the broker increased by 215.9 percent year-over-year to $16 billion while the customer deposits jumped by 128.4 percent.
Commenting on the impressive figures, UP Fintech Director and CEO, Wu Tianhua said: “Continuous investment in our platform and innovative range of services drove robust financial performance for our Company in the fourth quarter of 2020.”
“[The revenue jumps] were bolstered by healthy increases in commissions, interest income and revenues derived from our corporate business.”