Compagnie Financière Tradition (CFT), a Swiss interdealer broker and operator of a Japanese retail broking giant, released its financials for the first quarter of 2023, reporting a consolidated revenue of CHF 271.6 million. It jumped 9.6 percent from the previous year's CHF 247.7 million. At a constant exchange rate, the year-over-year increase touched 14.3 percent.
CFT Had a Strong Start in 2023
The press release shared with Finance Magnates detailed that the Group's consolidated adjusted revenue came in at CHF 290.5 million, which is an increase of 13 percent from the same period in the previous year.
"The level of activity for the first quarter continued along the lines of last year, with consolidated adjusted revenue growing 13.0 [percent] for the period at constant exchange rates, driven by central bank monetary tightening policy to combat stubborn inflation," CFT stated.
CFT divides its business into two primary divisions, the interdealer broking business (IDB) and the non-interdealer broking business, which is its retail forex trading business in Japan under the brand Gaitame.
Though the Group did not reveal the absolute numbers from its two business divisions, it revealed that the adjusted revenue from IDB increased 13.3 percent at constant exchange rates, while the forex trading business for retail investors in Japan (non-IDB) presented an increase of 3 percent.
Posted Solid Growth
After a dull 2021, CFT posted strong growth in its businesses for 2022. It closed the fiscal with a reported net profit of CHF 89.1 million, 40.3 percent higher in constant currencies and 36.5 percent higher in current currencies. Its per-share earnings for the year came in at CHF 11.83, 34 percent and 30.5 percent higher than constant and current currencies, respectively.
"A shift in central bank monetary policy, away from quantitative easing and towards rate hikes, benefited the group's operations," CFT added. "This positive trend was reflected across all regions and products, particularly in foreign exchange and interest rate products and securities and security derivatives."
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