MultiBank Group Records Strong Performance for Q1-Q3 of 2020
Global Finance derivatives broker MultiBank has reported higher gains in the first three quarters of 2020 compared to 2019. The firm announced that it has made gross profit of $94 million in Q1 to Q3 of 2020, in contrast to $63 million for the same quarters in 2019.
The Group’s financial results now indicate a significant 49% year-on-year growth in gross profit between January and September 2020. Furthermore, MultiBank reported a turnover of over $2trillion for Q1-Q3 2020. The turnover is in excess of 2019’s annual turnover of $1.9 trillion by $1 billion.
MultiBank Attributes Higher Gains To its HQ’s Relocation.
MultiBank stated that its operation in greater China contributed 36% of its total income in FY 2019. The firm also reported a diversification in revenue share across other regions in the Middle East, Asia and Latin America. According to the firm, its relocation to Hong Kong is accountable for growth in these regions.
Naser Taher, MultiBank’s Chairperson said that 2020 has been an incredible year for them. The performance has further motivated the firm to close 2020 on what he termed as an “exceptionally high note.”
Taher added that MultiBank plans to continue delivering its vision of providing clients with quality services and award winning technologies. The firm operates as a fully automated financial exchange and global brokerage that offers highly developed asset management solutions.
MultiBank was established in California USA in 2005, with offices in different regions. The company however recently relocated its headquarters to Hong Kong and the United Emirates.
The Firm Continues to Expand Globally
The MultiBank’s growth in revenue is also directly related to its 2019’s massive expansion plan into different regions globally.
Other recent MultiBank news saw the firm obtain the Dubai Financial Services Authority (DFSA) license to operate in Dubai.
Additionally, MultiBank opened a LATAM headquarters in Mexico as part of its mission to expand its operations into the Latin American Market. CEO Jorge Alberto Gonzalez stated that MultiBank’s success depends on the quality of trading services the firm affords its clients.
“It’s vital for our success that we put our customers first, to help them achieve their investment and trading goals,” said Gonzalez.
MultiBank is now one of the largest financial derivatives firms in the world, with 20 offices globally. This includes Hong Kong, Frankfurt, Sydney, Vienna, Barcelona, Dubai, Istanbul, California, Guangzhou, Tianjin, Manila, Kuwait, Cyprus, Cayman Islands and BVI.