Forex broker Rakuten Securities which is one of the largest in Japan published its quarterly financial results ending on June 30 2021. Although the figures showed a significant rise in revenue, net income was considerably down.
Raken, which is headquartered in Tokyo reported an operating revenue of more than 20.5 billion YEN for the quarter under review. This is 21.3 percent higher than the 16.9 billion YEN which was generated in the same quarter of the previous year.
The company’s net operating revenue increased considerably to 19.35 billion YEN when compared to Q2 of 2020 which came in at 16.35 billion YEN.
Hefty drop in profit and net income for forex broker
Although turnover increased dramatically, the same could not be said for net income and profits. The operating income of the Tokyo based broker registered at 2.8 billion YEN while ordinary income stood at 3 billion YEN. These figures came in at 3.3 billion and 3.2 billion YEN respectively for the same period in 2020.Net income also registered a considerable hit coming in at 1.67 billion YEN. This is a decrease of 21.5 percent when compared to 2020. If you haven’t yet started trading in forex, take a look at these Top Forex Brokers.
Revenue And Profits Remain On Course For The Year
Strong figures that were generated in the first quarter have kept Rakuten’s profits and net income on course though. Net operating revenue, as well as net income for the first six months of the year, were at 41.8 billion and 5.24 billion YEN respectively.
This means that net operating revenue was up by 26.6 percent whilst income was up by over 8 percent when compared to the previous year.
Rakuten Securities is one of the largest Japanese forex brokers and operates a number of regional businesses. One of these is in Hong Kong following the acquisition of one of FXCM’s businesses five years ago.
The forex broker is a branch of the much larger Rakuten Group that has a number of businesses in various sectors such as the internet and payment services. There is a considerable expectation for the announcement of the broker’s consolidated financials in the next two weeks.
The brokerage business increased its business substantially over the past year due to market volatility and a large influx of retail traders into the market. After a year of consistent business growth, Rakuten’s results how trading is changing substantially and moving in a positive direction.
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Gerald Fenech
