MANILA, Philippines â€” Leading online stockbroker COL Financial Group, Inc. (COL), formerly known as CitisecOnline.com Inc., posted record-breaking profits in 2011, driven by the strong performance of its Philippine operations.
In a disclosure to the Philippine Stock Exchange, COL said its consolidated net income jumped by 30 percent to P335 million.
The record profit was driven by the strong growth in COLâ€™s trading revenues, as it cornered a greater share of the local market, steered by the companyâ€™s efforts to grow and diversify its client base.
Revenues grew by 34 percent P659 million as COLâ€™s Philippine operations posted an 89 percent rise in commissions resulting from increased trading activities from its diverse customer base.
Philippine commissions now account for 50 percent of total revenues versus only 35 percent in 2010. Interest on margin loans also grew by 77 percent and now accounts for 22 percent of revenues from only 17 percent in 2010.
â€œOverall, our Philippine operations account for 82 percent of our total revenues versus 60 percent in 2010,â€ said COL president Dino Bate.
COL attributes the strong performance of its local business to the rapid growth of its customer base by 42 percent to over 28,000 customers, coupled with increased trading activity supported by the low interest rate environment and the robust Philippine economy.
Continue Reading:Â http://www.mb.com.ph/articles/356084/col-financial-posts-record-profit
Incoming search terms:
- colfinancial com ph, www colfinancial com, col financial philippines, colfinancial philippines, www colfinancial com ph