TigerBrokers Q1 Revenue Increase 19% YoY, Net Profit Up 42% YoY

$Tiger Brokers(TIGR)$ today announced its unaudited financial results for the first quarter ended March 31, 2024.

In the first quarter, the company achieved a total revenue of US$78.9 million, marking a 19% year-over-year (YoY) increase and achieving a nearly three-year high. Non-GAAP net income attributable to UP Fintech was US$14.7 million, 12.9 times increase quarter-over-quarter (QoQ) and a YoY surge of 42.4%.

In the first quarter of 2024, the Company added 51,700 new global account holders, an increase of 8.1% quarter-over-quarter, bringing the total number of global accounts to 2.25 million. 28,800 newly funded accounts were added, driving the total number of funded accounts to 933,400, a YoY increase of 15%. As of the end of May, the number of newly funded clients in the second quarter has already exceeded the first quarter's increase.

Additionally, market trading activity increased in the first quarter, with the Company's total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained strong, reaching US$5.3 billion for the quarter, which pushed total client assets up by 7.4% QoQ and 103.8% YoY to an all-time high of US$32.9 billion. Over 75% of total client assets now come from clients in markets such as Singapore, Australia, New Zealand, and the US. 

UP Fintech's founder and CEO, Wu Tianhua, stated, "This quarter, we have continued to deepen our presence in markets such as Singapore and Hong Kong. In Singapore, we launched the first local debit card that rewards users with fractional shares from their purchases, aiming to help novice investors participate in the financial markets and increase their investment awareness. We also introduced the Cash Boost trading account, becoming the first tech broker in Singapore to support contra trading strategies. Eligible clients will be able to trade US, Singapore, and Hong Kong stocks and ETFs without pre-depositing funds, thus improving capital efficiency. In Hong Kong, we have pioneered virtual asset trading services for professional investors, allowing them to trade stocks, ETFs, options, futures, funds, and virtual assets all within one app, facilitating global asset allocation. We are applying to extend this service to retail investors, leading the way in enhancing the tech brokerage experience in Hong Kong."