Tradition Third Quarter Revenues down but Japanese Retail FX Soars

Compagnie Financiere Tradition has unveiled its financial results for the third quarter of 2015, revealing a mixed picture. Revenues totaled CHF 197.2 million ($202.5 million) in constant currencies which is somewhat lower than the average quarterly figures reported for the first half of the year which were about CHF 228 million ($234 million) per quarter.

Tradition, the retail foreign Exchange business in Japan, has offset a decline in the Swiss financial company’s inter-dealer broking business.

Looking beyond comparisons to earlier this year, the year-on-year growth in revenues totaled about 0.7 percent in constant currencies. Despite the extraordinary Volatility in the exchange rate of the Swiss franc the numbers remained similar in U.S. dollar terms.

While the numbers for the first half of the year were higher by 2.2 percent when compared to 2014, the weaker revenue figures in the third quarter led to a more or less flat figure (up 0.1 per cent to be precise).

During the first three quarters of the year revenues totaled CHF 669.3 million ($688 million) compared to CHF 664.7 million in 2014.

The company’s retail foreign exchange business in Japan has grown substantially this year as trading volumes spiked higher and the company registered growth rates of 73.1 per cent year-on-year. This number compares to growth totaling 64 per cent in July this year.

The adjusted revenue figures were reported at CHF 212.2 million ($217 million) with the firm’s Japanese retail FX business growing 89.8 per cent, while the inter-dealer broking business dropped 0.5 percent.