Moscow Exchange reports net profit rise of 72.8%

By Andrei Skvarsky.

Moscow Exchange said that its earnings boomed in the second quarter of 2015, and that this included a year-on-year net profit increase of 72.8%.

According to its second-quarter financial results as calculated on the basis of international financial reporting standards (IFRS), the exchange posted a net profit of 6bn rubles ($94m at today’s exchange rate) as of the end of June.

All other key criteria showed robust performance for the three-month period, according to a statement from the exchange.

Earnings per share rocketed 71%. Though operating expenses rose 12.5% to 2.66bn rubles ($42m), with the cost-to-income ratio closing at 26.2%, the operating income swelled 50.7% to 10.18bn rubles ($159m).

The statement said the exchange had finished paying dividends for 2014. It said the dividends were a record 3.87 rubles ($0.06) per ordinary share.

The bourse hosted two IPOs in the second quarter, with Credit Bank of Moscow raising 13.2bn rubles and Russian freight car manufacturer United Wagon Company 9bn rubles. Also, 104 issues of bonds worth a total of 652bn rubles ($10bn) were sold. The bonds included both Russian and foreign, and government and corporate securities.

All principal trade in OFZ Russian government bonds moved over from the T0 settlement practice to the T+1 cycle with partial prefunding.

The exchange’s money- and forex-trading units, and depository and settlement services were the bourse’s best performers in the second quarter, according to the statement.

“The strong results in Q2 again demonstrate that our business model is robust and can perform well in the current market environment. We posted the second-highest fee and commission income in the company’s history and increased its share in total operating income,” said Moscow Exchange chief executive Alexander Afanasiev.

After a survey carried out in March and April 2015, London-headquartered investment information company Extel named Moscow Exchange as the best mid-cap Russian company for investor relations.

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