Wed, Aug 14, 6:01 PM (153 days ago)
For the second quarter of 2024, Siebert Financial Corp. reported significant financial improvements, with revenues increasing to $20.9 million, up from $17.6 million in Q2 2023. Commissions and fees rose by 40% to $2.6 million, driven by increased trading volumes. Net income available to common stockholders was $4.04 million, translating to earnings per share of $0.10, compared to $2.7 million and $0.07 in the prior year. Total assets decreased to $609.1 million from $801.8 million due to declines in cash and securities segregated for regulatory purposes. Total liabilities also fell to $529.9 million. Operating income improved to $5.58 million, with total expenses rising to $15.28 million, primarily due to increased employee compensation and technology costs. The company continues to face market and interest rate risks, with ongoing investments in technology to enhance service delivery. Future cash flows are expected to support operational needs, bolstered by regulatory capital from a previous transaction with Kakaopay. Overall, the financial health reflects positive trends despite market uncertainties.