Tiger Brokers Reports $47.2 Million in Q4 in 2020, 135% Higher YOY

Tiger Brokers(NASDAQ: TIGR) reported that its total revenue came in at $47.2 million for Q4 2020, ending on 31 December 2020, 135% higher than the figures for Q4 in 2019. 

Besides, the net quarterly revenue of the broker jumped by 132.4% to $42.9 million, which contributed to the brokerage's earnings as the net income for the quarter stood at $9.4 million, recovering from losses of the previous year.

The total revenue of the Nasdaq-listed broker in 2020 is $138.5 million,136.1% higher than 2019. In addition, it had a net income of $19.2 million, compared to a $5.9 million loss in 2019.

Similar to most of the brokers, Tiger Brokers' business was due to the rise in demand last year triggered by the volatility in the markets. The broker said that it ended 2020 with over 1.1 million customer accounts and handled over $65.4 billion in trading volumes in the last quarter of the year.

The spike in demand was prominent as the total account balance with the broker increased by 215.9 percent year-over-year to $16 billion, while the customer deposits jumped by 128.4 percent.

"​Continuous investment in our platform and innovative range of services drove robust financial performance for our Company in the fourth quarter of 2020." Wu Tianhua, the Director and CEO of Tiger Brokers said.

“[The revenue jumps] were bolstered by healthy increases in commissions, interest income and revenues derived from our corporate business.”