BCS Financial Group, the largest broker of securities on the Moscow Exchange, has overcome challenging market conditions in Russia in the first six months of the year to achieve significant growth compared to the first half of 2014.
Despite a difficult year for Russian equity markets, with lower volumes and falling equity valuations, BCS, which is independently owned, has increased both revenue and profit – vastly outperforming both the Russian market and competing firms.
The results come on the back of the company’s 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, with H1 net operating revenue up by 2.7 times from the first half of 2014 to USD138,349,182, and profit after tax in the same period up 11 times from the first half of 2014 to USD67,111,519.34.
Roman Lokhov (pictured), CEO of BCS Global Markets, says: “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 per cent of profit has been delivered by client business which is very important and confirms the strength of our strategy”.