FUTU(US:FUTU)2024-05-28 10:00Client Growth - Total number of paying clients increased 23.5% year-over-year to 1,887,270 as of March 31, 2024[2] - New paying clients jumped by 330.8% year-over-year to 177,000, representing over 50% of the full-year guidance[4] Financial Performance - Total revenues increased 3.7% year-over-year to HK$2,592.5 million (US$331.3 million)[3] - Net income decreased 13.1% year-over-year to HK$1,035.1 million (US$132.3 million)[3] - Basic net income per American Depositary Share (ADS) was HK$7.53 (US$0.96), compared with HK$8.54 in the first quarter of 2023[13] - Net income for the three months ended March 31, 2024, was HK$1,035,133 thousand, down from HK$1,191,845 thousand in the same period of 2023, a decrease of about 13.1%[28] - Adjusted net income for the three months ended March 31, 2024, was HK$1,121,071 thousand, down from HK$1,267,955 thousand for the same period in 2023, a decrease of about 11.5%[34] Asset and Liability Management - Total client assets increased 11.2% year-over-year to HK$517.9 billion as of March 31, 2024[2] - Total current assets increased from HK$95,427,511 thousand as of December 31, 2023, to HK$105,582,064 thousand as of March 31, 2024, an increase of approximately 10.8%[23] - Total liabilities rose from HK$72,564,116 thousand as of December 31, 2023, to HK$81,662,755 thousand as of March 31, 2024, an increase of about 12.5%[25] - Total shareholders' equity increased from HK$24,568,736 thousand as of December 31, 2023, to HK$25,668,638 thousand as of March 31, 2024, an increase of approximately 4.5%[25] Trading and Revenue Metrics - Total trading volume in the first quarter of 2024 increased by 9.5% year-over-year to HK$1.3 trillion[2] - Daily average revenue trades (DARTs) increased 7.0% year-over-year to 549,854[2] - Margin financing and securities lending balance increased 8.9% year-over-year to HK$37.6 billion[2] - The company’s interest income for the three months ended March 31, 2024, was HK$1,354,166 thousand, up from HK$1,294,260 thousand for the same period in 2023, an increase of about 4.6%[27] Research and Development - Research and development expenses for the three months ended March 31, 2024, were HK$335,487 thousand, slightly lower than HK$354,899 thousand for the same period in 2023, a decrease of about 5.5%[28] Cash Management - The company’s cash and cash equivalents increased from HK$4,937,538 thousand as of December 31, 2023, to HK$6,643,541 thousand as of March 31, 2024, an increase of approximately 34.5%[23]