Futu Holdings has reported a total revenue of HK$1.95 billion (US$247.9 million or $343.9 million) for the 3QFY2022 ended Sept 30.
The Nasdaq-listed company, which is the parent company of Moomoo Financial Singapore (moomoo Singapore), reported a non-generally accepted accounting principles (GAAP) adjusted net income of HK$806.1 million, up by 24.8% y-o-y.
During the 3QFY2022, moomoo itself saw new paying clients in Singapore increase by about a third sequentially. The increase was attributed to the launch of its online and offline marketing campaigns with low-risk mutual fund products and expanded client acquisition channels.
Moomoo Singapore’s wealth management asset balance grew five-fold sequentially during the quarter. This was said to be due to the digital brokerage’s further expanded fund offerings and upgraded product features.
As at Sept 30, moomoo and its sister brand Futubull, saw a total number of 19.2 million users, up by 15.6% y-o-y.
At the group level, Futu’s total registered clients stood at 3.13 million as at Sept 30, up by 21.4% y-o-y.
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Its total number of paying clients increased by 23.8% y-o-y to nearly 1.45 million.
As at Sept 30, Futu’s total client assets stood at HK$369.6 million. In Singapore, the group’s total client assets surged by 77.8% y-o-y.
Futu’s total client assets in its wealth management business grew by 46.7% y-o-y to HK$25.97 billion in the 3QFY2022.
“In the third quarter, we continued to achieve solid growth with increasing users and clients joining us,” says Leaf Hua Li, Futu’s founder and chairman as well as CEO & chairman of Futu’s tech committee.
“Our unwavering efforts in sharpening technology edge, bringing new features and upgraded products to fulfil unmet demands across various markets are the key to locking in high-level user loyalty for our brands. The client retention rate remained high at approximately 98% during the period,” he adds.
Gavin Chia, managing director of moomoo Singapore highlighted its “significant performance” in its wealth management segment in the 3QFY2022.
“With ongoing inflation challenges, it’s encouraging to see so many Singaporeans taking control of their financial future by looking for ways to preserve or even grow their wealth with our cash management solution, moomoo Cash Plus,” says Chia.
“Looking ahead, moomoo SG will continue to leverage technology and innovation to further diversify our product offerings to fit the diverse appetites of local investors,” he adds.
