Q3 2024 flatexDEGIRO AG Earnings Call Transcript
Key Points
- Flatex AG (XTER:FTK) reported a 22% year-on-year increase in revenue for the first nine months of 2024, reaching EUR353 million.
- Net income more than doubled compared to the previous year, reaching EUR86 million, a 111% year-over-year growth.
- The company successfully eliminated serious deficiencies identified in the 2022 special audit, leading to the termination of the Baffin's Special Commissioner mandate.
- Flatex AG (XTER:FTK) plans to launch cryptocurrency trading in Germany by the end of the year, with plans to expand to other geographies.
- The company has initiated a share buyback program with a maximum value of up to EUR50 million, demonstrating a commitment to capital allocation strategy.
- Flatex AG (XTER:FTK) expressed dissatisfaction with the current level of administrative expenses, which increased significantly in the past two quarters.
- The company experienced a 3% sequential decline in settled transactions, reflecting a general market trend of reduced trading activity.
- There is concern about the potential impact of declining ECB interest rates on interest income, which may need to be offset by increased commission income.
- The company is still in the process of finalizing its cryptocurrency trading offering, with no specific financial expectations shared yet.
- Flatex AG (XTER:FTK) is still addressing some less serious regulatory findings, indicating ongoing regulatory challenges.
Hello and welcome to flatexDEGIRO analyst call quarter 3 2024. My name is Alicia and I will be your coordinator for today's event.
Please note this call is being recorded and for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the call.
This can be done by pressing star one on your telephone keypad to register your question.
If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to flatexDEGIRO Thank you.
Good morning, everyone and many thanks for dialing in. Welcome to our analyst call relating our nine month results which we published yesterday evening, postmarket close. My name is Achim Schreck I'm heading the investor relations team flatexDEGIRO here. And with me today, as usual, I have our CFO Benon Janos who in a moment will lead you through the presentation and the following. Q&A we also have
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