The JSE delivered a strong first-half performance, with net profit after tax for the six months ended June 30 up 13.2% year-on-year to R557.8-million, group CEO Leila Fourie says in a statement outlining the unaudited results for the period.

“Growth was driven by elevated equity market activity and consistent execution across our core business lines. Capital Markets, Post-Trade and Information Services each delivered solid revenue gains, reinforcing the strength of our established businesses and the improved quality of earnings stemming from a more diversified revenue base.

“While newer segments remain in their build phase, they are aligned to long-term demand and progressing in line with expectations,” she points out.

Fourie informs that the group’s infrastructure modernisation programme is ahead of schedule, with key Broker Dealer Accounting milestones delivered.

“Backed by a strong balance sheet, an expanding product and data offering and a disciplined investment approach, the JSE is well-positioned to advance its strategic agenda in the second half,” she avers.

Meanwhile, the JSE’s headline earnings a share increased by 13.4% year-on-year to 687c.

The group continues to be cash-generative, with net cash generated from operations of R518.2-million, up marginally by 3.1%. from R502.6-million in the prior year’s comparable period.

The group’s operating income was up by 11.4% to R1.71-billion, primarily supported by equity market revenues in Capital Markets and Post-Trade Services.

Most business segments reported growth in revenue for the period, with Capital Markets revenue up by 16% and Post-Trade Services up by 17% year-on-year, and Information Services up by 5%.

JSE Investor Services revenue declined by 11% as a result of lower interest rates and a margin income adjustment in the prior year.

Total operating expenditure increased by 7.5% year-on-year to R1.09-billion, which the JSE says demonstrates a disciplined approach to cost management amid increased trade-related costs.

Capital expenditure of R27-million remains focused on protecting the core business, as well as growing new business lines.

The JSE highlights that it maintains robust balance sheet and cash position of R2.5-billion at period end (including bond investments of R448-million).

Ring-fenced and non-distributable cash and bonds (regulatory capital and investor protection funds) amounted to R1.31-billion.