Swiss stock exchange SIX significantly increases profit thanks to financial result
Published: Friday, Jul 26th 2024, 08:00
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The financial infrastructure operator SIX increased its revenue and profit in the first half of the year. However, the stock exchange business remains difficult.
The Group's operating income rose by 2.6% year-on-year to CHF 790.9 million, as announced by SIX on Friday. However, income from equity trading declined.
The other three of the four business units (Securities Services, Financial Information and Banking Services) contributed to the growth. This was due in particular to higher revenues from debit card and mobile payment services as well as electronic billing (eBill), among other things. International securities custody, reference data, regulatory services and indices also increased.
Growth target confirmed
Meanwhile, expenses rose by 3.8% to CHF 566.3 million in the reporting period. According to SIX, the main drivers were higher personnel costs due to acquisitions and inflation as well as sales-related costs. The latter consisted mainly of fees from third-party providers in payment transactions and revenue shares from partners for data products.
As a result, operating income before depreciation and amortization (EBITDA) fell by 0.4% to 224.7 million. However, EBIT rose by 15% to 153.2 million and consolidated profit by 12% to 117.5 million due to a higher financial result.
The financial result was negative at -6.1 million in the same period of the previous year. In the reporting period, it was now positive at +12.0 million. The share of profit from investments also increased to 6.2 million, compared to 3.4 million in the first half of 2023.
"With our half-year results, we are on track to achieve our medium-term goal of annual sales growth of over 3 percent," said SIX CEO Jos Dijsselhof according to the press release.
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