COL FINANCIAL GROUP, Inc. registered flat earnings in the second quarter of 2018, amid rising commissions from clients at a time of volatility for the local market.
In a regulatory filing, the listed firm said net income reached P114.37 million in the April to June period, almost unchanged from the P114.23 million it delivered in the same period last year. Revenues were also flat at P249.6 million.
On a six-month basis, the brokerage firm generated a net income of P322.2 million, 50% higher than the P214.6 million it booked in the same period a year ago, on the back of a 33.7% increase in revenues to P615.3 million.
COL Financial attributed the positive performance for the first half to a 25.5% increase in commissions, after it ramped up efforts to guide clients through “challenging market conditions.” It noted that total client equity from Philippine operations climbed to P70.5 billion, up by 3.2% despite the 15.3% drop in the Philippine Stock Exchange (PSE) index in the same period.
The company’s clients were seen adding more money to their accounts, almost doubling net flows in the country to P4.7 billion.
“We’re pleased to see that our clients continue to add to their portfolios to build wealth over the long term, notwithstanding the current market environment. I believe that this also signifies their confidence in our company, as they entrust more of their assets to us,” COL Financial President and Chief Executive Officer Conrado F. Bate said in a statement.
At the same time, COL Financial’s client base grew to more than 273,000 at the end of June, higher than the 225,000 it had in the same period a year ago.
The company’s average daily turnover at the PSE also reached P1.2 billion during the first half, making it the top stock broker in the local stock market.
Shares in COL Financial slipped by 0.24% or four centavos to close at P16.38 each at the stock exchange on Monday. — Arra B. Francia
