Rakuten Securities, a part of the Japanese conglomerate Rakuten Group, released its results for the three months between January and March, reporting yearly growth across all major parameters. It closed the quarter with a net income of over JPY 3.8 billion, a year-over-year increase of 123 percent.

Rakuten Securities Posts Solid Figures

In addition, the official results revealed the operating revenue of the financial services division to be JPY 24.6 billion compared to JPY 23.3 billion in comparable months a year ago. Moreover, net revenue came in about 5 percent higher at JPY 23.3 billion.

The operating income of the Rakuten Group subsidiary for the quarter came in at JPY 5.9 billion, which is higher than JPY 3.7 billion a year ago. Additionally, ordinary income came in at JPY 5.7 billion, which is about 68 percent higher. On top of that, its trading income improved marginally to JPY 5.5 billion.

A Major Japanese Broker

Rakuten Securities is one of the oldest and largest retail brokerages in Japan. It has more than 8 million general securities customer accounts. Last year, the company started accepting orders for US stock.

Moreover, the board of the Rakuten Group agreed to make Rakuten Securities a public company, but the process is still ongoing. Rakuten Securities Holdings and Mizuho Securities are entering a strategic capital and business alliance.

For the financial year 2023, which ended in March, Rakuten Securities posted an annual revenue of JPY 96.7 billion, which is up from JPY 89.2 billion in the previous year. Further, the net operating revenue jumped to JPY 91.7 billion. The operating income and ordinary income for the fiscal year came in at JPY 19.5 billion and JPY 19.2 billion, respectively. The company closed the fiscal netting at JPY 11.3 billion, which is higher than JPY 7.2 billion in the previous year.

Meanwhile, fraudsters are impersonating the Rakuten Securities platform. Recently, the Hong Kong subsidiary of the Japanese broker warned against impersonators who use the company's name, logo and contact details to solicit traders to open trading accounts.