Central Bank: net profit of professional participants in the stock market in the first half of the year fell by 95%

The revenue of professional participants-non-credit financial institutions (NFIs) for the first half of 2022 amounted to 50.3 billion rubles. This is 7% less than in the same period last year. According to the Central Bank (CB), net profit in the industry in the first half of the year decreased to 0.6 billion rubles, that is, by 95% compared to the same period last year.

AT report The regulator said that the drop in revenue was due to a decrease in turnover on the stock market and restrained trading activity of NFO clients.

“The structure and dynamics of revenue depended on the business model. Among professional participants who do not have a license as a management company of collective investment funds, the predominant source of income remained commissions from brokerage and depository activities (their share decreased over the year from 76% to 73%), including operations on the stock exchange (a decrease over the year from 49% up to 47%) and foreign exchange (annual growth from 2% to 5%) markets. The share of revenue from services for organizing the placement of securities decreased from 7% to 1% with an increase in the share of other items, ”the document says.

The Central Bank noted that more than half of the participants over the past 12 months had an accumulated loss. The rolling value of return on equity (ROE) for the industry as a whole decreased to 3.3% (a year earlier – 10.7%), and the median value went into the negative area (-0.1%, a year earlier – 6.1%). At the same time, loss-making participants account for about a third of the total number of customers.

Even in the first quarter, the net profit of professional participants in the securities market amounted to 5.6 billion rubles, that is, it showed the level of the same period last year.

The Bank of Russia explained that after the resumption of trading in March (from the end of February until March 20, inclusive, the Moscow Exchange did not conduct trading), the number of active individual clients decreased, while remaining comparable to the level of last year. Turnovers on transactions (the sum of transactions of purchases and sales) decreased by half or more, as a result of which the size of the transaction in March-June decreased by half compared to the pre-sanction period, the market became less liquid.

Daria Erozbek