Futu Sees New Paying Clients Jump 330% in Q1, with Revenues up 3.7% YoY

Hong Kong-based online brokerage Futu Holdings Limited reported a robust performance in the first quarter of 2024, contributed by significant growth in new paying clients during this period.

In this quarter, Futu has acquired 177,000 new paying clients, surging 330.8% over Q1 2023​. This represents the third highest quarterly paying client growth in the company's history. The number of paying clients totaled 1.89 million as of March 31, 2024, rising 23.5% on a yearly basis. Total revenues came in at HK$2.59 billion ($331.3 million), an increase of 3.7% year-over-year.

"Given the year-to-date momentum, we would like to raise our full-year new paying client guidance to 400 thousand for now," commented Futu's Chairman and CEO, Leaf Hua Li.

The net profit, however, declined by over 13.1% to HK$1.04 billion ($132.3 million), as a result of higher marketing costs associated with acquiring more customers.

Total client assets went up 11.2% on a yearly basis to HK$517.9 billion, with trading volume up 40% to HK$1.3 trillion compared to the prior quarter.