Brokerage group StoneX (NASDAQ:SNEX) has released its financial results for its fiscal third quarter of 2023 (StoneX has a September 30 fiscal year end), indicating that the company had a very strong quarter, covering calendar April-thru-June 2023.

In its Retail FX and CFDs business operated via the Forex.com and City Index brands, StoneX saw a 17% QoQ increase in revenues from $61.8 million last quarter (January-to-March 2023) to $72.1 million. However on a year-to-year basis StoneX’s FX/CFDs business is still shrinking, down by 17% from $86.8 million in last year’s fiscal Q3.

Overall for StoneX, operating revenues increased $248.1 million, or 47%, to $776.9 million in the three months ended June 30, 2023 compared to $528.8 million in the three months ended June 30, 2022. Also driving growth was an increase in interest and fee income earned on client balances, which is associated with StoneX’s listed and OTC derivatives, correspondent clearing, and independent wealth management product offerings. Interest and fee income increased $70.7 million, or 329%, to $92.2 million in the three months ended June 30, 2023 compared to $21.5 million in the three months ended June 30, 2022. This was principally driven by a significant increase in short-term interest rates.

StoneX earned $69.5 million in net income for the quarter, up from $49.1 million in 2022’s fiscal Q3.

Sean O’Connor, StoneX CEO stated,

“We achieved one of the strongest quarters in our history with operating revenues up 47%, diluted EPS up 37% and record adjusted net income of $71.8 million. These excellent results were achieved with solid transactional revenues, despite moderating volatility, and increased interest earnings on our client float. We believe that our financial performance continues to be a positive outlier in our industry and we are well-positioned to continue delivering strong results to our shareholders.”

StoneX’s full report on Q3 of FY2023 can be seen here.