MANILA, Philippines — Online stockbroker COL Financial Group Inc. said it posted a 32.7 percent growth in net income in the nine months to September despite the volatility in the stock market.
Net income grew to P450.8 million for the period, already exceeding its full-year income in 2017, as the company registered strong growth in its core revenues.
COL president and CEO Dino Bate said the company has been expanding its products and services and increasing its engagements with clients to provide better support in helping them build wealth.
The company churned in consolidated revenues of P870.7 million during the period, up 22.5 percent.
Bate said among the drivers of profit growth was the significant improvement in operating profit margin as the contribution of self-directed clients to total commission revenues increased to 81.9 percent during the period from 70.4 percent a year ago.
“Despite the difficult market conditions, COL’s client base continued to increase, resulting in over 283,000 accounts as of end-September or an increase of 19.8 percent year-on-year. Total client equity likewise remained steady at P71.3 billion, with total net new flows reaching P6.3 billion as COL’s clients continued to add to their portfolios,” Bate said.
COL’s average daily value turnover in the Philippine Stock Exchange (PSE) rose 9.9 percent in contrast to the 14.6 percent drop in the PSE’s average daily value turnover.
The online brokerage also continued to promote mutual fund investing as a simpler way of investing in stocks, resulting in an increase in the number of clients with mutual funds.
As of end-September, 12.3 percent of COL’s clients own mutual funds compared to only 10.4 percent during the same period a year ago.