Leading online brokerage COL Financial reported a net profit of P379 million last year, rising by 15.3 percent from year-ago level.
Revenue grew by 16.4 percent to P970 million as COL grew all business lines. Commission revenue, in particular, saw a robust increase, aided by positive market conditions and COL’s continuing investment guidance to clients.
As of end-2017, COL had 249,000 accounts, showing a 21- percent growth from a year ago. This was attributed by COL to the steady stream of referrals from existing clients and the establishment of investor centers outside Metro Manila.
COL’s average daily value turnover in the Philippine Stock Exchange (PSE) also jumped to a record of P1 billion, growing by 17.1 percent and outpacing the 4.9 percent industry growth. Its market share likewise rose to 6.3 percent last year from 5.6 percent in 2016.
In terms of value turnover for local investors, COL’s market share rose to 13.1 percent compared to 11.9 percent in the previous year.
COL’s total client equity hit a new record of P73.1 billion, up 23 percent from a year ago. —DORIS DUMLAO-ABADILLA