Compagnie Financière Tradition (SWX: CFT), a key player in the inter-dealer brokerage sector and a Japanese retail forex trading platform operator, reported a net profit of CHF 60 million for the first half of 2024. This marks a notable year-on-year increase of 17.6 percent at the current exchange rate and an even more impressive 24.5 percent when adjusted for constant exchange rates.
Strong First Half Performance of Compagnie Financière Tradition
The company saw consolidated revenue of CHF 537.1 million for the first six months, reflecting a 4.6 percent increase over the previous year’s figures at current exchange rates and a 9.2 percent increase at constant rates. The second quarter contributed CHF 271.5 million to this total, with the remaining CHF 265.6 million coming from the first quarter.
In a statement released today (Friday), the company highlighted its continued strong growth throughout the first half of the year, building on the momentum from last year. “Activity levels increased across all regions and in most asset classes, largely fueled by the Group’s commitment to organic growth,” the announcement noted.
Both Businesses Saw Growth
The company’s joint ventures brought in CHF 577 million in revenue, up from CHF 552.4 million in the same quarter last year. Revenue from the inter-dealer broking (IDB) business climbed by 9.4 percent at constant exchange rates, reaching CHF 560.3 million. Meanwhile, the Japanese retail forex trading business (non-IDB) reported CHF 16.7 million in revenue, marking a 4.9 percent increase.
Additionally, the group reported a net financial income of CHF 1.7 million for the first half of the year, a significant improvement from the net expense of CHF 4.5 million in the previous year. Interest income also saw a notable rise, contributing CHF 2.6 million, much higher than in 2023. The latest figures were slightly impacted by net foreign gains and losses due to forex fluctuations, which led to a loss of CHF 3.9 million last year.
Looking ahead, the Group expects its third-quarter results to align with its strong performance in the first half of the year.
Official Statement from Compagnie Financière Tradition
In a statement, the company emphasized its commitment to continuing its growth strategy, focusing on organic expansion and investing in its brokerage activities. The aim is to accelerate digitalization across all operations, including data and analytics, leveraging its advanced data science capabilities.