By James Loyola
Published: May 22, 2013
Online brokerage firm COL Financial reported that its net income dipped 15.1 percent to R110 million in the first quarter of the year despite record-breaking Philippine operations as its Hong Kong operations remained weak.
COL said its Philippine operations registered an 11.1 percent hike in operating profits to R127.8 million. Earnings grew as revenues jumped by 16 percent to R208 million, driven by the 21 percent increase in commissions and the 5 percent increase in interest income.
Aside from the strong performance of the Philippine market, COL’s record first quarter earnings in the Philippines is largely attributable to the significant growth of its customer base.
As of end March 2013, COL’s customer base count reached 55,891 clients, up 20 percent from its end 2012 level of 46,536. Total customer equity handled by COL improved to over US$1 billion or R44.5 billion as of end March 2013 from R34.4 billion as of end 2012.
The growth in COL’s customer base also led to the continuous improvement in COL’s market share in the PSE. From 7.8 percent in 2012, COL’s market share in terms of value turnover by local investors in the PSE jumped to 8.1 percent during the first quarter of 2013.
“We attribute our strong performance to the trust and confidence that our customers have placed in the COL brand of service,” said COL president Dino Bate.
He added that “our efforts of improving our level of service, our investments in our infrastructure and process enhancements continue to pay off as our customers continue to refer new customers and grow more comfortable and confident on investing on their own.” Meanwhile, interest income increased largely due to higher utilization of COL’s margin facility. Due to the strength of the Philippine market, more clients utilized COL’s margin facility compared to last year. Source: Online broker posts P110-M Q1 income
COL said its Philippine operations registered an 11.1 percent hike in operating profits to R127.8 million. Earnings grew as revenues jumped by 16 percent to R208 million, driven by the 21 percent increase in commissions and the 5 percent increase in interest income.
Aside from the strong performance of the Philippine market, COL’s record first quarter earnings in the Philippines is largely attributable to the significant growth of its customer base.
As of end March 2013, COL’s customer base count reached 55,891 clients, up 20 percent from its end 2012 level of 46,536. Total customer equity handled by COL improved to over US$1 billion or R44.5 billion as of end March 2013 from R34.4 billion as of end 2012.
The growth in COL’s customer base also led to the continuous improvement in COL’s market share in the PSE. From 7.8 percent in 2012, COL’s market share in terms of value turnover by local investors in the PSE jumped to 8.1 percent during the first quarter of 2013.
“We attribute our strong performance to the trust and confidence that our customers have placed in the COL brand of service,” said COL president Dino Bate.
He added that “our efforts of improving our level of service, our investments in our infrastructure and process enhancements continue to pay off as our customers continue to refer new customers and grow more comfortable and confident on investing on their own.” Meanwhile, interest income increased largely due to higher utilization of COL’s margin facility. Due to the strength of the Philippine market, more clients utilized COL’s margin facility compared to last year. Source: Online broker posts P110-M Q1 income
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