Moscow Exchange (MOEX), the largest exchange group in Russia, announced its financial results for the first quarter of 2021 today. The exchange saw a jump of 7.2% in operating income, compared to the same period in 2020.
According to the official announcement, the total Fee and Commission (F&C) income of MOEX jumped by 17% to RUB 9,252.9 million. F&C income accounted for over 70% of the total operating income of MOEX.
The total net profit reached RUB 6,835.3 million in Q1 of 2021, which is a jump of 15.8% compared to the same period in 2020. Adjusted net profit increased 1.6% compared to Q1 of 2020.
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Commenting on the latest financial results, Yury Denisov, Chief Executive Officer of Moscow Exchange, said: “Moscow Exchange had a successful start to the year: trading volumes grew across most markets, and we delivered strong financial results. The Exchange continues to actively develop its product line and expand opportunities for all types of investors. The launch of the morning session on the FX and Derivatives Markets had a positive impact on volumes and significantly improved access to our platform for investors in the eastern parts of Russia as well as participants in Asia. We have now made it possible to trade currencies with an order size of just one USD or one EUR.”
Moscow Exchange reported a jump in FX volumes during March 2021 as the total FX trading volumes reached RUB 31.9 trillion, which is up by 33% compared to February 2021.
Growth in F&C Income
MOEX saw consistent growth in its Fee and Commission (F&C) income during the last quarter. The exchange highlighted that F&C income accounted for more than 70% of the total operating income for the third consecutive quarter. Moscow Exchange reported a jump of more than 15% in basic earnings per share during the last quarter.
“We maintained a double-digit F&C growth this quarter at the level of 17%, in line with the strategic target, despite the elevated base of last year. The first quarter of 2020 featured extraordinary volatility, whereas the backdrop of the first quarter of this year was rather tepid,” Max Lapin, Chief Financial Officer of Moscow Exchange, mentioned in the official announcement.