Moscow Exchange Reports 46.5% YoY Growth in Total Operating Income for Q1 2024

Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q1 2024, reporting a operating income of RUB 34.02 billion, 46.5% higher than RUB 23.21 billion in Q1 2023 and 2.7% lower than RUB 34.96 billion in Q4 2023.

More specifically, fee and commission income accounted RUB 14.53 billion for the quarter, increasing 45.9% on a year-on-year basis (YoY) (Q1 2023: RUB 9.96 billion) and decreasing 9.1% on a quarter-on-quarter basis (QoQ) (Q4 2023: RUB 15.98 billion). Net interest and other finance income (NII) accounted for RUB 19.41 billion with a 47.2% YoY increase (Q1 2023: RUB 13.19 billion) and a 3.0% QoQ increase (Q4 2023: RUB 18.85 billion), while the core NII (NII less realized gains or losses on investment portfolio revaluation) was RUB 19.46 billion, increasing 47.7% YoY (Q1 2023: RUB 13.18 billion) and increasing 2.1% QoQ (Q4 2023: RUB 19.07 billion). Other operating income reached RUB 70.2 million, up 6.4% YoY (Q1 2023: RUB 66.0 million) and down 41.3% QoQ (Q4 2023: RUB 119.5 million).

Operating expenses totaled RUB 9.78 billion for the quarter, soaring 80.3% compared to RUB 5.42 billion in the same period of 2023 but dropping 1.3% compared to RUB 9.91 billion in the prior quarter.

Profit before tax came in at RUB 24.26 billion for this quarter, an increase of 36.0% compared to RUB 17.83 billion in the year-ago quarter and a decrease of 3.1% compared to RUB 25.03 billion in the previous period.

Net profit rose by 35.0% from RUB 14.33 billion in Q1 2023 to RUB 19.35 billion in Q1 2024, down 3.4% compared to RUB 20.05 billion in Q4 2023. Basic earnings per share (EPS) stood at RUB 8.56 in this quarter, up 34.5% from RUB 6.35 in Q1 2023 and down 3.4% from RUB 8.86 in Q4 2023.

Adjusted EBITDA was RUB 25.49 billion with margin of 74.9% for the period, compared with RUB 19.02 billion with margin of 82.0% in the same quarter a year ago and RUB 26.25 billion with margin of 75.1% in the prior quarter.

At the end of Q1 2024, the exchange's cash position amounted to RUB 145.52 billion. MOEX had no debt as of the end of the quarter.

Capex for the quarter was RUB 1.06 bln, mostly spent on purchases of software and equipment as well as software development.