Half Year 2024 Hong Kong Exchanges and Clearing Ltd Earnings Call Transcript
Key Points
- Revenue and other income increased by 8% year on year and 4% quarter on quarter in Q2 2024.
- Profit attributable to shareholders rose by 9% year on year and 6% quarter on quarter in the same period.
- Record high half-yearly average daily volume of 1.5 million derivatives contracts, up 12% year on year.
- LME average daily volumes in Q2 hit a 10-year high, with volumes up 29% compared to last year.
- Strong performance in the ETP market, with average daily turnover up 4% year on year.
- Cash Market volumes for the first half were down 4% compared to a year earlier.
- Revenue and other income for the first half of 2024 were comparable to the first half of last year, indicating limited growth.
- Operating expenses increased by 7%, reflecting higher investments in talent and infrastructure.
- Net investment income was 6% lower than the first half of last year due to lower margin fund size.
- Profit after tax for the first half of 2024 was down 3% compared to the first half of last year.
Good afternoon, ladies and gentlemen. Welcome to HKEX 2024 interim results analysts' presentation. Today, we are very pleased to have our Chief Executive Officer, Ms. Bonnie Y. Chan and our Group CFO and Co-COO, Ms. Vanessa Lau. Bonnie and Vanessa will first give a presentation about our business and strategy, then we are very happy to take some of your questions. With no further ado, over to you, Bonnie.
Thank you, and good afternoon, everyone. Thank you for joining us today. I hope you have been enjoying the summer so far. I'm very pleased to be presenting our interim results for 2024 for the first time. In a few moments, Vanessa Lau, our Chief Financial Officer and Co-Chief Operating Officer, will share more details on the numbers. After that, I will discuss some of our business highlights.
So let's kick off with a quick overview of the results. HKEX had a robust first half of 2024 with the second quarter seeing an upswing in market momentum and trading activity. While half-yearly results remain
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