Compagnie Financière Tradition’s H1 2024 Net Profit Jumps 24.5%

Friday, 30/08/2024 | 06:19 GMT by Arnab Shome

The group company generated a net profit of CHF 60 million in the first six months of 2024.

The revenue (IFRS) for the period came in at CHF 537.1 million.

The net profit of Compagnie Financière Tradition (SWX: CFT), an inter-dealer broker and operator of a Japanese retail forex trading platform, reached CHF 60 million for the first six months of 2024, a year-over-year increase of 17.6 percent at the current exchange rate and 24.5 percent at the constant exchange rate.

Solid Six Months

The company’s consolidated revenue for the six months was CHF 537.1 million, reflecting a yearly increase of 4.6 percent and 9.2 percent, respectively, on current and constant exchange rates. It generated CHF 271.5 million in the second quarter of the year, while CHF 265.6 million came in from the first three months.

“Compagnie Financière Tradition continued to grow at a solid pace throughout the first half, maintaining the momentum of last year,” the official announcement today (Friday) said. “Activity levels were up in all regions and across most asset classes during the period, largely driven by the Group's organic growth policy.”

H1 2024 financials of Compagnie Financière Tradition

Both Businesses Received a Boost

The combined revenue from its joint ventures was CHF 577 million, compared to CHF 552.4 million in the corresponding quarter of the previous year. Revenue from the inter-dealer broking (IDB) business jumped 9.4 percent at constant exchange rates to CHF 560.3 million, while the online forex trading business for retail investors in Japan (non-IDB) brought in CHF 16.7 million, which is 4.9 percent higher.

Furthermore, the group’s recognized net financial income for the six months was CHF 1.7 million, compared to a net expense of CHF 4.5 million in the previous year. It also generated a net of CHF 2.6 million from interest income, which was significantly higher compared to 2023. Additionally, its net foreign gains and losses from forex fluctuations marginally impacted the latest figures, which incurred a loss of CHF 3.9 million the previous year.

As for the outlook, the Group expects its third-quarter results to be in line with the first half of the year.

“Compagnie Financière Tradition intends to pursue its growth strategy, primarily organic, as well as its investments in its brokerage activity in order to accelerate its digitalisation across all its operations as well as in its data and analytics activities with the support of its developed data science expertise,” the official announcement added.