Traders Holdings (8704) Q1 2025 earnings summary

Executive summary

• Record quarterly operating revenues and income driven by high FX market volatility, successful high-interest currency swap strategies, and increased client assets.

• Assets under custody grew steadily, supported by improved marketing, new consulting services, and a rise in large-client assets.

• Net income rose 13.2% year-over-year to 1,485 million yen.

• FX trading business saw significant growth in customer accounts and deposited assets, while system development revenue from external clients declined.

Financial highlights

• Operating revenue for Q1 FY2025/3 was 3,513 million yen, up 23.7% quarter-over-quarter and year-over-year.

• Operating income reached 2,054 million yen, a 29.0% increase quarter-over-quarter and year-over-year.

• Quarterly net income was 1,485 million yen, up 13.2% quarter-over-quarter and year-over-year.

• FX client assets at 106.6 billion yen as of June 30, 2024, a 5.5% increase from the previous year-end.

• Basic earnings per share for the quarter were 53.24 yen.

Outlook and guidance

• Full-year FY2025/3 forecast remains unchanged: operating revenue 11,800 million yen, operating income 5,000 million yen, net income 3,400 million yen, assets under custody 115 billion yen.

• 1Q progress rates: operating revenue 29.8%, operating income 41.1%, net income 43.7%, assets under custody 40.1%.

• Basic earnings per share for the full year is projected at 121.88 yen.