LISTED firm COL Financial reported a profit growth of 28.4 percent, to P115.2 million in the third quarter of 2014.
The company attributed this on revenue hike from its Philippine operations to P171.7 million from July to September this year, up 13.5 percent from the same period in 2013.
Combined revenues increased by 15.7 percent, to P186.8 million, of which domestic operations accounted for 92.1 percent.
While value turnover in the Philippine Stock Exchange (PSE) continued to be weak during the period as it declined by 8 percent from a year ago, COL Financial has managed to grow with its client base reaching 104,242, or 34.6 percent higher year on year.
Also, client equity rose by 18.7 percent, to P55.9 billion, resulting to a 15.2-percent increase in commission revenues to P120.1 million.
This improved COL’s market share in terms of value turnover in the local bourse from 3.3 percent to 4.1 percent during the two comparable periods.
Interest income was also robust, rising to P50.4 million, or 3.7 percent during the third quarter, mainly due to the company’s continuous growth in cash position from P3.9 billion as of end-September last year to P4.9 billion this year.
Profits for the first nine months of 2014 stood at P249.3 million, down 16.1-percent year-on-year basis. Such a decline, however, was lower than the 22.6 decrease in the PSE’s value turnover in the same period.
“We are pleased to announce the continuous recovery of our profits for the third quarter. This is to no small part due to the growing number of Filipino investors, who continue to put their trust in COL as their partner for achieving their long term financial goals,” COL President and CEO Dino Bate said.
“However, we are more excited about the new service that we will soon be able to provide Filipino investors.”