Credit: REUTERS/EDGAR SUAdds CEO comment, background
SINGAPORE, Oct 24 (Reuters) - Singapore Exchange SGXL.SI reported its biggest quarterly net profit in 12 years on Thursday, boosted by customers increasing the number of asset classes that they trade in.
The result comes as SGX combined its commodities, currencies and fixed income operations in July as part of a corporate rejig to push growth in multiple asset classes.
The changes were among the most significant since veteran banker and CEO Loh Boon Chye joined the bourse four years ago. L4N23Y0NM
SGX posted a profit of S$114.2 million ($83.8 million) in the first quarter ending September, up 25.4% from a year earlier. The figure was the bourse's largest since the quarter ending December 2007, according to Refinitiv data.
"Since we embarked on our strategic priorities in FY2018, a quarter of our clients have increased the number of asset classes that they trade with SGX," Loh said in a statement, adding that the exchange was benefiting from a low-interest rate environment and investor focus on Asia.
Operating revenue rose to S$247.6 million, thanks to a nearly 60% jump in revenue from its newly combined fixed income, currencies and commodities unit, which accounted by 19% of total revenue.
In its fourth quarter, SGX had posted record revenue, powered by a strong performance in its derivatives business and an improvement in its securities unit.
($1 = 1.3631 Singapore dollars)
(Reporting by Anshuman Daga and Nikhil Kurian Nainan; Editing by Deepa Babington)
((anshuman.daga@tr.com; +65 64035676; Reuters Messaging: anshuman.daga.thomsonreuters.com@reuters.net))
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