BM&FBovespa (BVMF3) today reported second quarter earnings ending June 30, 2013. Record volumes in both the equities and derivatives segments as well as growth in non-trading items delivered a boost in revenue.
In addition, continued expense control during the quarter contributed to the double-digit improvement in operating performance over the prior year.
BM&FBOVESPA is reaffirming its previously announced adjusted expenses budget range for 2013 of R$ 560 million to R$ 580 million, and capital expenditure budget range of R$ 260 million to R$ 290 million for 2013 and R$ 170 million to R$ 200 million for 2014.
Main highlights for 2Q13 results:
Adjusted net income totaled R$ 469.6 million, up 11.0% from 2Q12, reflecting mainly the growth in operating income;
Average Daily Trading Value (ADTV) for the Bovespa segment reached a new record of R$ 8.3 billion in 2Q13, an increase of 8.5% over the prior year second quarter;
Average Daily Volume (ADV) for the BM&F segment reached an all-time high at 3.6 million contracts, growing 8.7% over 2Q12, while average rate per contract (RPC) increased 1.6% year-over-year;
Several other products maintained their fast-growing trend:
- Record financial volume in open interest of securities lending, increasing 53.4% year-over-year, to R$ 44.8 billion in 2Q13;
- Average assets under custody of Tesouro Direto rose by 10.4% compared to 2Q12;
- Real Estate Investment Funds (FIIs, or Fundos de Investimento Imobiliários) ADTV had an excellent performance increasing to R$ 41.3 million in 2Q13 from R$ 8.8 million in 2Q12;
R$ 280.7 million in dividends in 2Q13, which represents 80% of 2Q13 GAAP net income.
"We are very pleased with our performance as all-time high volumes for the BM&F and Bovespa segments led to record revenue for the second quarter," said Edemir Pinto, Chief Executive Officer of BM&FBOVESPA. "The recent months were also marked by strong execution against our strategic objectives as we implemented changes in our cash equities trading fees, deployed the PUMA Trading System equities module, and advanced on the integration of our post-trading infrastructure, including beginning the certification process in July with market participants testing our new post-trading platform."
Eduardo Refinetti Guardia, Chief Product and Investor Relations Officer, commented, "We achieved strong financial performance in the second quarter once again led by record revenue and effective cost control. Further, with continued focus on delivering value for our shareholders we repurchased more than 1% of our free-float through our share buyback program."
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