Hong Kong Exchange reports 1 per cent fall in third-quarter profit
Hong Kong Exchanges and Clearing (HKEX) posted a 1 per cent drop in third-quarter net profit to 4.86 billion Hong Kong dollars, though cumulative profit for the first nine months rose 15 per cent to 15.43 billion Hong Kong dollars. Chief Executive Edith Chan attributed growth to robust market activi
Hong Kong Exchanges and Clearing (HKEX) reported a net profit of 4.86 billion Hong Kong dollars for the third quarter, down approximately 1 per cent year on year and 10 per cent from the previous quarter, according to results published on 6 November.
Revenue and other income for the quarter totalled 7.87 billion Hong Kong dollars, up 1 per cent from a year earlier but down 7 per cent quarter on quarter. Core business revenue stood at 7.47 billion Hong Kong dollars, a decline of 0.2 per cent year on year and about 4 per cent from the second quarter, mainly due to lower trading and settlement fees amid a retreat from the second quarter's record-high turnover, as well as reduced custody fees.
For the first nine months of the year, HKEX's net profit increased by 15 per cent year on year to 15.43 billion Hong Kong dollars. Revenue and other income grew 12 per cent to 24.57 billion Hong Kong dollars, with core business revenue rising 12 per cent.
Chief Executive Edith Chan said the exchange had achieved steady business development and vibrant market turnover in the first three quarters, with record-high revenue and profit for the period. Active trading in the cash, derivatives and commodity markets reflected the initial success of building a diversified asset ecosystem.
Chan highlighted key progress in the third quarter, including a review of listing mechanism competitiveness, the launch of the first offshore market-listed Chinese government bond futures, simplification of trading board lots for Hong Kong's securities market, and the introduction of the first exchange-traded funds tracking the exchange's new cross-market indices.
She said that amid heightened macroeconomic uncertainty and persistent market volatility, HKEX was more determined than ever to build a deeper and more diversified asset ecosystem.