Hong Kong Exchanges & Clearing Net Profit Rises on Strong Revenue
By Yi Wei Wong
Hong Kong Exchanges & Clearing Ltd. said Wednesday that its first-quarter profit rose as revenue outperformed.
The exchange's net profit rose to 3.41 billion Hong Kong dollars (US$434.4 million) in the first quarter compared with HK$2.67 billion a year ago.
Revenue and other income rose 19% on year to HK$5.56 billion, the company's second highest quarterly mark ever. HKEx said record net investment income--thanks to higher interest rates--helped offset lower trading and clearing fees as well as lower listing fees.
Average daily turnover fell 13% on year in the first quarter to HK$127.8 billion, the exchange said.
During the first quarter, HKEx welcomed 18 new listings, which raised HK$6.7 billion, down 55% on year. The exchange's IPO pipeline remained strong during the quarter, with 92 active applications as at March 31.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
April 26, 2023 00:56 ET (04:56 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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