Tiger Brokers, 'Robinhood of China', sees Q4 net profit up nearly 30 times year-on-year

March 26, 2021 CV TECH INC

Xiaomi-backed online trading platform UP Fintech Holding Limited, also known as “Tiger Brokers“, saw its non-GAAP net profit jump 2,873.4% year-on-year to $10.26 million in the fourth quarter of 2020.


It achieved revenue of $47.24 million in the fourth quarter, a 136.5% jump year-on-year, and has achieved year-on-year growth rates of more than 100% for five consecutive quarters,  according to the company’s earnings data released before the bell on Friday.


Tiger Brokers reported $25.2 million in commission revenue for the fourth quarter, up 244.5% year-on-year.


It reported financing service fees of $1.6 million in the fourth quarter, down 22.2 percent year-on-year, which the company said was driven by lower interest rates.


It reported interest income of $11.7 million in the fourth quarter, up 76.5 percent year-on-year.


The company reported an interest expense of $4.3 million in the fourth quarter, an increase of 186.9 percent from the previous year.


Tiger Brokers’ full-year 2020 revenue totaled $140 million, up 136.1% year-on-year, and Non-GAAP net income was $22.27 million.


By the end of 2020, Tiger Brokers had 1.104 million account customers, up 70.1% year-on-year.


Total client assets reached a record high of $15.96 billion during the same period, up 215.9% year-on-year.


The company added $5.04 billion in net client assets in the fourth quarter, nearly four times the amount in the same period last year and the fastest quarterly growth rate in its history.


Tiger Brokers jumped more than 15% in pre-market trading after the earnings report.


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Tiger Brokers, 'Robinhood of China', sees Q4 net profit up nearly 30 times year-on-year-CnTechPost


Tiger Brokers, 'Robinhood of China', sees Q4 net profit up nearly 30 times year-on-year-CnTechPost