UP Fintech Unveils Strong Performance in Q3 2023, with Total Revenues up 26.6% YoY

Online brokerage UP Fintech, also known as Tiger Brokers, has on Monday released its unaudited financial results for the third quarter ended September 30, 2023 (Q3 2023), showing that the firm generated US$70.1 million total revenues during the period, an increase of 6.2% on a quarterly basis and 26.6% year-over-year.

Total net revenues for the quarter came in at US$58.0 million, up 4% from Q2 2023 and 13.5% from Q3 2022. Both commissions and interest income improved compared to the previous quarter, to US$23.2 million and US$38.3 million, as trading volume for Q3 rose to US$80.3 billion from US$65.1 billion.

The broker experienced strong net asset inflows of over US$1.5 billion in the quarter, bringing total account balance to US$18.9 billion, which was up 9.3% sequentially and 45.7% on a yearly basis. The number of customers with deposit totaled 865,500, 14.8% more than the last same period.

GAAP net income attributable to UP Fintech reached US$13.2 million, representing a quarter-over-quarter slight increase of 0.5% and a significant year-over-year growth of 297.1%.

Meanwhile, total operating costs and expenses went up to US$48.8million.