Rakuten Records 122% in Net Income Profits for Q1 2021

Rakuten Records 122% in Net Income Profits for Q1 2021

Leading Japanese brokerage and fintech firm Rakuten announced Tuesday its preliminary financial results for the first quarter of 2021.   The firm reported a 122% increase in net profit of 3.57 billion yen, from last year’s 2.68 billion yen.

In an official statement, Rakuten said that the firm returned 22.5 billion in net operating revenue in the last three months. The new operating revenue is higher than 16.7 billion yen recorded for the same period in 2020.

Additionally, the Japan-based firm recorded 5.6 billion yen in operating income in the latest quarter. At 3.8 billion yen, the corresponding value for the same time last year is 1.4 billion yen less than the current value.

Commenting on the announcement, Rakuten said that its financial reports are based on “uniform accounting standards of securities companies”. The long-standing standards were set in November 1974 by the Board of Directors of the Japanese Securities Dealers and Association.  The report further clarified that Commodity Futures Transactions are also based on the same uniform accounting standards.

The broker also doubles as a fintech company with interest in cryptocurrency infrastructure.  In March 2020, Rakuten’s crypto wallet and crypto exchange platform extended its support to cryptocurrencies including Litecoin (LTC).

The firm Reports Strong Growth in Q1 2021

Apart from a positive jump in its quarterly financial results, Rakuten also recorded impressive growth in the last one year.  The firm reported approximately 75 billion yen in operating revenue for the financial year that ended on March 31 2021. The figure is 17 billion yen more than the previous value of 58 billion yen generated in 2020.

Additionally, in the last one year, Rakuten recorded 9.5 billion yen in net income. The value is 2.5 billion yen than the 7 billion generated for the same period last year.

Rakuten partners with Nice Actimize in London for AML

In related Rakuten Securities news, the firm recently chose to partner with leading London-based firm NICE Actimize. NICE Actimize provides solutions for financial crimes, risk and compliance for both regional and international financial institutions.  . It also helps financial institutions to meet regulatory requirements and access an anti-money laundering compliance platforms for their clients.