Compagnie Financière Tradition Witnesses Financial Metrics for H1 2022 Show Good Momentum

Swiss broker Compagnie Financière Tradition has released its financial results for the first half of 2022, unveiling that all financial metrics enjoyed a good momentum.

A shift in central-bank monetary policy, away from quantitative easing and rate hikes, was beneficial for the Group's operations. This positive trend was reflected in all regions, and particularly in foreign exchange and interest rate products and securities and security derivatives.

Against this backdrop, the Group's adjusted consolidated revenue was up 7.7% at constant exchange rates to CHF 525.1m, compared with CHF 491.0m in 2021. Adjusted revenue from interdealer broking business (IDB) was up 7.3% at constant exchange rates to CHF 507.5m, while revenue from the online forex trading business for retail investors in Japan (Non-IDB), was ahead 17.5% to CHF 17.6m.

Adjusted operating profit before exceptional items was CHF 69.3m against CHF 58.1m in the first half of 2021, up 21.4% at constant exchange rates, for an operating margin of 13.2% and 11.8% respectively.

Reported consolidated revenue (IFRS) was up 7.5% at constant exchange rates to CHF 483.9m compared with CHF 452.0m in first-half 2021.

Reported operating profit for the period was CHF 43.9m against CHF 43.8m in 2021, up 0.1% at constant exchange rates for an operating margin of 9.1%. Excluding the impact of Russia, the operating margin was 10.9% against 9.7% in the previous period.

The Group reported net financial income of CHF 9.4m in the first six months of 2022. Net foreign exchange results due to exchange rate fluctuations positively impacted the Group's financial income and represented a gain of CHF 14.4m for the period due to movements in the Russian rouble, against a loss of CHF 0.5m in the same period last year.

Consolidated net profit was CHF 54.3m compared with CHF 39.1m in first-half of 2021, with a Group share of CHF 51.1m against CHF 35.5m in 2021, an increase of 46.4% at constant exchange rates.