Brokerage houses report almost PLN 400 million of net profit in H1 2020
21:05
Brokerage houses generated a net profit of PLN 396 million in the first half of 2020, while a year earlier they had a net loss of PLN 9.6 million, according to quarterly data from the Polish Financial Supervision Authority (KNF).
Revenues from core activities amounted to PLN 270 million and were 2 percent lower than the revenues a year earlier, when they amounted to PLN 274 million. The loss on core activities amounted to PLN 160 million, compared to PLN 133 million in the previous year.
The difference in the results for the first half of the year, on annual basis, was most influenced by the increase in profit on operations with financial instruments held for trading. This result increased in the first half of the year to nearly PLN 592 million, i.e. by approximately 415 percent y/y.
Clients' assets accumulated on the accounts of brokerage houses amounted to PLN 73.9 billion at the end of Q2 2020, which means a decrease by 10.5 percent. y/y and an increase of 14.9 percent on quarterly basis. Customers' cash grew by 43.5 percent y/y and 7.4 percent quarterly. and amounted to PLN 5.8 billion.
