(LONDON 28 OCTOBER 2015), BCS Financial Group, the largest broker of securities on the Moscow Exchange, has overcome challenging market conditions in Russia to significantly expand their capabilities, revenue and profit, reporting significant growth compared to the first half of 2014, having significantly expanding profitability in the first half of 2015.
Despite a challenging year for Russian equity markets, with lower volumes and falling equity valuations, BCS Financial Group, which is independently owned, has increased revenue and profit – vastly outperforming both the Russian market and competing firms.
The results come as BCS made its first move into the American market with the strategic acquisition of Alforma Capital Markets Inc., the wholly-owned, New York-based subsidiary of Alfa-Bank, as part of a client driven strategy to access US markets.
In addition, BCS recently expanded its capabilities via membership of the Euroclear and Eurex exchanges.
This resulted in improved revenue and profit across the business:
· Net Operating Revenue rises by 2.7 times from the first half of 2014 to $138,349,182 to the first half of 2015
· Profit after tax rises by 11 times from the first half of 2014 to $67,111,519.34 to the first half of 2015, including:
o Retail Business - $28,757,924
o Global Markets & Investment Banking - $36,448,112
Roman Lokhov, CEO of BCS Global Markets said:
“These are good results for the business. Despite tight market conditions we managed to increase our market share, diversify our business, enter new segments, expand product mix and completed several important projects. Over 70% of profit has been delivered by client business which is very important and confirms the strength of our strategy”.
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