Japanese Monex Group increased its net profit nearly 850% to JPY 31.5 billion in the fiscal year 2024, compared to the previous period. At the same time, operating revenue increased 20% to JPY 66.8 billion.

Monex Group Reports over Eightfold Increase in Net Profit

The report published on Thursday by Monex, which is currently a conglomerate of several financial brands, including TradeStation and Coincheck, shows that the company managed to maintain expenses at comparable levels to fiscal year 2023 while significantly increasing its revenues.

Total revenue stood at JPY 84.9 billion compared to JPY 57.6 billion a year earlier. Total assets held by Monex nearly doubled to JPY 1,504 billion, compared to JPY 761 billion reported a year earlier.

"Monex Securities has taken advantage of the capital and business alliance with NTT DOCOMO to capture opportunities for leaping growth," the report stated. "Monex Group aims to create stable growth in Earnings Per Share through implementing growth strategies at each operating company and making investments in growth areas."

TradeStation and Coincheck recorded the strongest growth among all company segments, which are divided into Monex Securities, US Segment (TradeStation), and Crypto Asset Segment (Coincheck).

However, things were not always so rosy. At the beginning of last year, Monex reported lower revenues due to the operations of these two units, which resulted in a net loss.

Monex is strongly committed to developing its cryptocurrency offering, as confirmed by the acquisition of a majority stake in the Canadian crypto asset manager 3iQ. Moreover, it is developing towards offering traditional assets, having invested $7.5 million in its managed account platform earlier this week. At the beginning of the year, it expanded its operations to Singapore, simultaneously hiring a new Head of Sales there.