MOEX Reports Financials for Q1 2023, with Adjusted Net Profit up 17.4% YoY

Moscow Exchange (MOEX) has released its financial results for the first quarter of 2023, unveiling that the adjusted net profit for the period came in at RUB 14.30 bn, growing 17.4% compared to that of RUB 12.18 bn in Q1 2022.

Profit before tax for the quarter surged 78.1% to RUB 17.83 bn from RUB 10bn in the last same period. Operating income was up 6.9% on yearly basis to 23.21 bn, with Fee and commission (F&C) income declining 6.5% to RUB 9.96 bn. Net interest income reached RUB 13.19 bn, an increase of 21.0% year-over-year.

For this quarter, operating expenses were down from Q1 2022's RUB 6.6 bn to RUB 5.42 bn. Cost-to-income ratio dropped 7 p.p. to 23.4%. Adjusted EBITDA stood at RUB 19bn, 17.8% higher over the last same period, with basic earnings per share soaring 76.9% on a yearly basis to RUB 6.35.

As for the performance of MOEX's key business lines, fee and commission income from Equities Market went up 42.2% from Q4 2022’s RUB 701.8 mn to RUB 998.3 mn, with trading volumes up 24.4% to RUB 3.3 trn.

FX Market in the quarter has generated fee and commission income of RUB 1.48 bn, 2.2% lower over the prior quarter. Trading volumes, however, increased 20.2% to RUB 60.94 trn.

Regarding Derivatives Market, the fee and commission income was RUB 1.18 bn, cmppared to 924.9 mn in Q4 2022, with trading volumes growing 21.4% to RUB 13.77 trn.

Fee and commission income from Bond Market and Money Market were RUB 693.6 mn and RUB 2.25 bn, dipping 29.4% and 6.9% on quarterly basis, respectively. Trading volumes from Bond Market fall 40.5% RUB 4 trn, while that of Money Market was up 12.7% to RUB 186.93 trn.

For the full year 2022​, MOEX saw drops in annual fees and commissions income across markets in equities, bonds, money and derivatives.