COL Financial profit rose in Q2 to P133.9M

COL Financial Group Inc. grew its second quarter net profit by 17.1 percent year-on-year to P133.9 million as higher interest income and trailer fees from fund distribution made up for slower revenues from commission.

This brought six-month net profit to P314.3 million, down by 2.4 percent year-on-year. Consolidated revenues during the first half slipped by 0.6 percent year-on-year to P611.5 million.

“This year, we focused on providing our clients with more guidance so we can help them become better investors, especially amid the tough market conditions recently,” COL president Conrado Bate said in a statement.

“We also expanded our ways of reaching out to our customers online, making our guidance more targeted and relevant to clients’ different investing objectives,” he added.

COL’s consolidated revenues in the second quarter reached P275.8 million, higher by 10.5 percent year-on-year.

Three-month interest income jumped by 53.5 percent year-on-year to P147.9 million due to higher rates and proactive cash management, and as COL also benefited from the increased use of its margin lending facility.

Meanwhile, second quarter trailer fees from the mutual fund distribution business went up by 23.2 percent to P4.4 million as the value of COL’s assets under administration increased by 25 percent to P3.1 billion as of end-June compared to the same period last year.

However, second quarter commission revenues fell by 14.6 percent year-on-year to P123.0 million as COL’s share of the value of transactions in the Philippine Stock Exchange returned to 5.1 percent, after briefly climbing to as high as 9.2 percent early last year. —DORIS DUMLAO-ABADILLA