Financial services group Maybank ATR Kim Eng Financial Corp. grew its 2011 consolidated net profit by 6 percent to P323.9 million on higher earnings from investment banking, capital market and insurance businesses.
In a disclosure to the Philippine Stock Exchange (PSE), Maybank ATRKE Financial reported total consolidated revenue of P2.9 billion, 8 percent higher than the year before.
Consolidated assets of the company at yearend expanded by 19 percent to P6.9 billion from the previous year.
Maybank ATR KE Financial president Manuel Tordesillas said: “2011 saw significant changes that have made the company stronger in capability and reach.”
“With the entry of Maybank, we have continued to see improved performance across the capital markets, insurance and real estate businesses,” Tordesillas added.
Its subsidiary Maybank ATR Kim Eng Capital grew its advisory and underwriting fees by 28 percent to P88 million last year. It was named “Best Equity House in the Philippines” by The Asset Magazine in its Triple A Asian Awards 2011.
Maybank ATR Kim Eng Securities increased its commissions by 8 percent to P587 million last year, accounting for the bulk of the P598 million consolidated commissions for the year. It ranked No. 1 among trading participants at the PSE last year with value turnover of P265 billion and market share of 9.32 percent. The brokerage unit was also named “Best Broker” by FinanceAsia.
AsianLife & General Assurance Corp. and AsianLife Financial Assurance Corp., the company’s insurance subsidiaries, accounted for consolidated insurance premiums of P1.5 billion in 2011, up by 10 percent from the previous year.—Doris C. Dumlao