July 25, 2018 / 5:54 PM / 25 days ago

Deutsche Boerse second quarter net profit up 19 percent on higher volatility

FRANKFURT (Reuters) - Deutsche Boerse (DB1Gn.DE) posted a 19 percent rise in net profit in the second quarter, helped by increased market volatility generating revenue for the stock exchange operator.

FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt's stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo

With profit of 210.3 million euros (186.76 million pounds) in the quarter, up from 176 million euros a year ago, the company is on track for 10 percent earnings growth this year, it said on Wednesday.

Deutsche Boerse recorded a 10 percent increase in revenue in the quarter to 687 million euros, up from 623.6 million a year ago. Revenue was also boosted by higher U.S. interest rates and was in line with the expectations of analysts, according to Thomson Reuters data.

“We are currently right on track to achieve our guidance,” finance chief Gregor Pottmeyer said.

Theodor Weimer, who took over on Jan. 1, has been seeking to open a new chapter after Deutsche Boerse found itself entangled in an insider trading scandal, saw a merger with its London counterpart fail, and issued a profit warning last year.

Deutsche Boerse shares are up almost 20 percent this year.

It hopes to gain from Britain’s decision to leave the European Union by capturing a quarter of the lucrative euro clearing market from London.

($1 = 0.8562 euros)

Reporting by Tom Sims; Editing by Caroline Copley and Kirsten Donovan

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