Belgium-based securities clearing firm Euroclear has revealed its H1 2022 trading results, reporting strong financial performance for the period.
In the official announcement, the financial services platform stated that net profit increased by 42% to €351 million in the first half of 2022, compared to €247 million the company registered for the first half of 2021. Euroclear attributed the increase to strong underlying business performance.
Operating income reached €998 million, registering a 24% growth compared to the same period the previous year. Business income was also up by 7% to EUR 807 million in H1 2022.
Operating Expenses also increased, reaching €191 million, a 262% rise on yearly basis.
The company noted that the cash on the balance sheet has increased by €72 billion YoY as blocked coupon payments and redemptions accumulate. Euroclear also earned €110 million as interest income from frozen Russian assets in the first half of the year.
We delivered a strong performance across the business and saw an increase in interest earnings due to higher interest rates and accumulated cash balances as a consequence of frozen assets due to the Russian sanctions.
Euroclear also reported a 40% increase in earnings per share to €111.7 per share.
As we look forward, we see opportunities to further enhance our client offerings, such as through innovative data-enabled services and connecting to global markets, while meeting our responsibilities as a financial market infrastructure to support sustainable economic growth.
Earlier this year, Euroclear announced investment in international consortium of global banks and financial market infrastructures, Fnality.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.