Moomoo's Parent Company Futu Announces Q3 2024 Results: Net Income Up 20.8% YoY as Localization Strategy Spurs Global Business Growth

Futu Holdings Limited ("Futu" or the "Company") (Nasdaq: FUTU), a leading tech-driven digitalized brokerage and wealth management platform, today announced its unaudited financial results for the third quarter ended September 30, 2024 (the "Period").

In this quarter, Futu's total revenues reached HK$3,436.1 million (US$442.3 million), up 29.6% year-over-year ("YoY"); its non-GAAP net income reached HK$1,398.4 million (US$180 million), up 20.8% YoY. In terms of different businesses, its brokerage commission and handling charge income totaled HK$1,528.9 million (US$196.8 million), up 51.5% YoY; interest income reached HK$1,698.8 million (US$218.7 million), up 12.9% YoY; other income (including income from wealth management and corporate services businesses) amounted to HK$208.5 million (US$26.8 million), up 52.1% YoY.

By the end of this quarter, Futubull and moomoo's users grew 14.4% YoY to 24.1 million; registered clients rose 22.8% YoY to 4.28 million; paying clients increased 33.1% YoY to 2.2 million. Over 154,000 paying clients were added in Q3, representing a 138% increase over the previous year. Client assets reached HK$693.4 billion (US$89.2 billion). Total trading volume approximated HK$1.9 trillion (US$245 billion). The client retention rate stayed high at above 98%.

Growth in newly penetrated markets was particularly strong this quarter, with Japan, Canada, and Malaysia experiencing double-digit quarter-over-quarter ("QoQ") increases in both paying clients and client assets. Furthermore, the rising US stock market boosted investor activities on Futu's platforms, leading to a 23% QoQ and 90% YoY growth in the company's US stock trading volume.

"The continuous rise of the US stock market in Q3, coupled with the rally of Chinese assets at the end of September, spurred investors' trading activities on our platforms, underscoring Futu's strategic significance of diversification in asset classes. This quarter, we continued to invest in the Hong Kong market to improve local investors' investment experience. Also, we enhanced our presence in overseas markets by rolling out products to address local investment needs. With a global vision, we will remain dedicated to continuously strengthening our platforms, and empowering investors with global financial opportunities through technology," said Mr. Leaf Hua Li, Futu's Founder, Chairman, CEO & Chairman of the Technology Committee.