StoneX Sees Yearly Dip of 32% in FX/CFD Operating Revenues for Q1 FY23

StoneX Group, a diversified global brokerage and financial services firm, has released its financial results for the first quarter of the fiscal year 2023 ended December 31, 2022, showing very strong performance during the period, delivering increases in operating revenues and net income.

In the quarter, the brokerage’s total revenues reached $13.01 billion, down 9% compared to the last same period. Operating revenues rose 45% to $654.8 million from 450.5 in Q1 FY22, with net income surging 84% on a yearly basis to $76.6 million. A diluted EPS was $3.62 and ROE of 27.3% for the quarter, up 77% and 9.3% respectively.

As for operating revenues disaggregated across the key products the firm provides to its clients, Over-the-counter (OTC) derivatives generated $99.8 million in the quarter, a slight dip over a year before. Operating revenues derived from securities came in at $ 234.1 million, increasing 91% year-over-year. FX / Contracts for difference (CFD) contracts generated $48.8 million operating revenues, compared to the figure of the last same period of $72.2 million, dropping 72.2%.

In November, Fazzaco reported that StoneX registered a significant jump in its net income for Q4 FY22 ​ended September 30, 2022, which grew 616% from $7.3 million in 4Q21 to $52.3 million in this quarter.