(Hong Kong – March 13, 2025) - Futu Holdings Limited ("Futu" or the "Company") (Nasdaq: FUTU), a leading tech-driven digitalized brokerage and wealth management platform, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2024.
In Q4, Futu's total revenues reached HK$4.43 billion (US$570.6 million), marking a year-over-year ("YoY") increase of 86.8%; its non-GAAP net income reached HK$1.95 billion (US$251.3 million), growing by 105.4% YoY. In terms of different businesses, its brokerage commission and handling charge income amounted to HK$2.06 billion (US$264.9 million), up 127.6% YoY; interest income was HK$2.02 billion (US$260.3 million), rising by 51.8% YoY; other income (including income from wealth management and corporate services businesses) totaled HK$352.8 million (US$45.4 million), up 157% YoY.
For the full year of 2024, Futu's total revenues reached HK$13.59 billion (US$1.75 billion), and its non-GAAP net income reached HK$5.77 billion (US$742.6 million), representing a growth of 35.8% and 26.2% YoY, respectively.
By the end of the year, Futu's user base grew by 16% YoY to 25.15 million, and registered clients rose by 29% YoY to 4.58 million. The Company's paying clients totaled 2.41 million, representing a growth of 41% YoY. Client assets reached HK$743.3 billion (US$95.7 billion), up 53% YoY.
Focusing on global expansion, Futu sustained growth momentum across all the markets in which it operates. Fueled by upward stock market performance in Q4, Futu's quarterly trading volume across its platforms reached HK$2.9 trillion, an all-time high. Specifically, the trading volume for Hong Kong stocks reached over HK$750 billion, marking a three-year peak, while that for US stocks surpassed HK$2 trillion, setting a new record for one single quarter. Additionally, assets under the Company's wealth management sector reached HK$110.8 billion.
Mr. Leaf Hua Li, Futu's Founder, Chairman, CEO & Chairman of the Technology Committee, said: "2024 marks a year of breakthrough in Futu's global expansion journey. In Hong Kong, we're expanding and enhancing our offerings, and with the support of local investors, we have achieved over 50% market penetration, a success underlining Futu's prominent role in advancing local fintech developments. In other markets, we continued to offer tailored solutions, addressing local investors' needs through cutting-edge tools and localized services. With the rapid development and evolution of artificial intelligence, we will continuously prioritize innovation in our strategy, leveraging advanced technologies to further enhance our platforms and offerings to elevate investment experience and deliver values to investors across the world."
Industry Leadership Consolidated in Hong Kong
This quarter, Futu reached a significant milestone where one in every two Hong Kong adults now uses Futu*, solidifying its position as the region's "No.1 Tech Brokerage". Quarter-over-quarter ("QoQ") growth in paying clients hit a three-year high, and reflected substantial asset inflow. Meanwhile, client quality continued to improve, with year-end average client assets reaching a record high. The private wealth management sector also saw continued net asset inflow, with family office businesses emerging as a key growth driver.
Futu's vast user base and surging trading activities propelled Q4 trading volume on Futubull to an all-time high. Beyond robust growth in Hong Kong and US equities, Futu's strategic focus on cryptocurrency successfully captured the bullish momentum in December, recording explosive growth in trading volume, number of traders, and number of asset holders of this particular asset. Notably, the average deposit into crypto account in Q4 nearly doubled compared to last quarter, underscoring Futubull's emergence as a trusted crypto investment platform among local investors.
As Hong Kong's IPO market rebounded, Futu introduced zero-interest and zero-handling fees for IPO subscriptions, showing its unwavering customer-centric commitment. In December, Futubull dominated the Mao Geping IPO, securing half of Hong Kong's total subscription volume - the highest among local brokers - and attracting over 23% of the total subscribers. These results cemented Futubull's stance as the go-to platform for Hong Kong retail investors seeking IPO opportunities.
Significant Growth Continued Across Overseas Markets
In Q4, Futu sustained a strong client acquisition trajectory through its global expansion efforts. Newly penetrated markets such as Japan, Canada, and Malaysia achieved double-digit QoQ growth in both users and paying clients. Mature markets like Singapore also saw accelerated growth in paying clients, with Q4 marking the strongest over the past 10 quarters. For client assets, all overseas markets recorded double-digit gains.
Futu's global expansion has amplified its industry influence across multiple markets. By the end of 2024, the moomoo app ranked the #1 broker in cumulative downloads and daily active users in Singapore and Malaysia. In Australia, moomoo clinched the top spot in annual downloads for the first time, while in Japan, it maintained a second place among local brokers for two consecutive quarters. The app also earned the highest user ratings among peers in Singapore, Japan, and Malaysia, reflecting growing trust from investors. User engagement also deepened, with the average daily time spent on the app rising significantly, a testimony of Futu platforms' success in attracting and retaining global investors.
Continuous Product Innovations and Expanding Ecosystem
Futu launched a suite of innovative features and services in Q4 to address investors' evolving needs. In Japan, moomoo collaborated with the Japan Exchange Group to introduce Japanese stock options trading, and in Australia, moomoo is a pioneer in Australian stock recurring investment plans. In the US, Futu rolled out a desktop-based options strategy builder to meet surging demand for US stock options. In Hong Kong and Singapore, Futu established a bond trading desk to help clients execute large and complex bond orders. These advancements, alongside the launch of the redesigned moomoo Desktop, expanded investors' access to diversified trading opportunities globally.
Furthermore, Futu enhanced its ecosystem by partnering with global leading institutions. As part of the global strategic partnership initiatives between the Company and Nasdaq, moomoo launched its inaugural Global Paper Trading Challenge in October, assembling over 150,000 participants worldwide. Additionally, moomoo established global partnership with well-known investment service providers such as TradingView and Seeking Alpha, creating value for both Futu's users and its partners. In Japan, moomoo deepened its partnership with Nikkei CNBC by launching an investing TV program.
Bolstered by comprehensive platform advancements, Futu and its subsidiaries earned multiple accolades in Q4, including Fortune's 2024 Fintech Innovators Asia Award (Wealthtech category), TradingView's "Best Stock Broker " in the US and JMR's "US Stock No.1" in Japan.
As a socially responsible company, Futu remains committed to philanthropy. In Q4, Futu became the principal sponsor of Oxfam Trailwalker, Hong Kong's large-scale fundraising hike, and will support the event for six consecutive years. Futu also backed the SGX Cares Bull Charge Charity Run 2024 and raised SG$2.25 million for community causes. In the US, Moomoo Foundation collaborated with local NGOs to promote local financial literacy.
*Source: Adult population from Hong Kong government's Census and Statistics Department in 2024.
**Source: data.ai
