Preliminary Q2 2024 flatexDEGIRO AG Earnings Call Transcript
Key Points
- Flatex AG (XTER:FTK) reported a 28% year-on-year increase in revenues for H1 2024, reaching EUR242 million.
- Net income more than tripled compared to the previous year, reaching EUR61 million, driven by commissions and interest income.
- The company announced its first-ever dividend of EUR0.04 per share, reflecting a commitment to shareholder returns.
- Flatex AG (XTER:FTK) plans a share buyback program of up to 10% of the share capital, pending regulatory approval.
- Operating expenses decreased by 10% in H1 2024, despite inflation-driven personnel cost increases, showcasing effective cost management.
- Gross customer additions decreased by 30% sequentially due to normal seasonality, despite a 15% year-on-year increase.
- The company faced higher costs related to regulatory requirements and exceptional expenses around the AGM and CEO search.
- Interest income growth may be impacted by potential future declines in interest rates, affecting margin loan pricing.
- The CEO search is ongoing, with no final decision made, potentially leading to continued costs and uncertainty.
- Flatex AG (XTER:FTK) remains cautious in its net income guidance, despite a strong current run rate, indicating potential challenges ahead.
Hello, and welcome to the flatexDEGIRO analyst call. My name is Jess, and I'll be your coordinator for today's event. Please note this call is being recorded and for the duration of the call your line will be on listen-only. (Operator Instructions) I will now hand over to your host, Achim Schreck, to begin today's call. Thank you.
Thanks, Jess. Good morning, everyone, and many thanks for dialing in. My name is Achim Schreck. I'm heading the IR department here at flatexDEGIRO. And with me today, I have our Co-CEO and CFO, Dr. Benon Janos; as well as our Global Head of Finance and Procurement, Dr. Thomas Lindner; and my colleague in IR, Laura Hecker.
We would very much like to welcome you all to our analyst call regarding our H1 and Q2 numbers as we've published them yesterday evening post market close. As usual, we would like to provide a short run through the presentation before we open up for your questions. And without any further ado, I'd like to hand over to you, Benon. The
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