BGC Group reports big jump in Q3 revenue in 2023, driven by strong performance across all asset classes。Most key indicators picked up on a quarterly basis, but net profit shrank significantly in the first nine months of the year compared to 2022。

BGC Group Announces Q3 2023 Financial Results

BGC Q3 Revenue Grows 15.9% to 4.$82.7 billion。This growth is not limited to a single region - income in the Americas and Europe, the Middle East and Africa increased by 19% each..0% and 16.9%, while revenue in APAC grew by 5.9%。Interest rates and credit income each increased by 12.1% and 9.6%, foreign exchange earnings increased by 8.6%。Energy and commodities revenues up 35.0%。

Company's pre-tax adjusted earnings up 23.1% to 1.$01.9 billion and margin improved 125 basis points to 21.1%, marking the 12th consecutive quarter of year-over-year growth in margins。After-tax adjusted earnings growth 21.4% to $94.1 million, or 0 per share.$19, up 18.8%。Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased significantly, up 27.0% to 1.$35.9 billion。

"Howard W, Chairman and CEO, BGC Group.Lutnick commented, "We had another excellent quarter with revenue growth of 16%, reflecting volume growth across all of our asset classes.。BGC is well positioned to benefit from the return of interest rates, which we expect will drive our volume, revenue and margin growth for the foreseeable future.。"

BGC's electronic trading platform Fenics also posted strong growth。Driven by record quarterly growth at Fenics Growth Platforms, the platform's revenue grew 19%, by more than 45%.。Fenics UST, the company's electronic trading platform for U.S. Treasuries, achieved a record 25% market share in the U.S. Treasury exchange market during the year.。

Higher costs affect net profit

Revenue rose in the first nine months of 2023, while total spending increased significantly.。As a result, the company's net profit from January to the end of September was $17.5 million, compared with a net profit of $55.26 million a year earlier.。The main reason for this is that the company did not make a profit despite the increase in revenue in Q2.。

BGC expects Q4 revenue in 2023 to be in the range of 4.Between $500 million and $500 million, pre-tax adjusted earnings would be between $88 million and $1..Between $08 billion。In addition, the Company announced that it will pay 0 per share on December 1, 2023..$01 Quarterly Cash Dividend。

In July this year, the company announced that it had successfully transformed into a full C company.。Following this shift, the company rebranded itself as the BGC Group of Companies and changed its NASDAQ stock symbol from BGCP's to BGC.。