ONLINE brokerage firm COL Financial Group, Inc. saw its net income last year jump 15.3 percent, driven by the continuous growth of its client base.
In a statement over the weekend, COL said net income rose to P379 million in 2017 versus the P328 million registered in 2016.
Revenues improved by 16.4 percent to P970 million from P833 million a year earlier as all key areas saw healthy growth last year, it said.
In particular, commission revenues showed a robust increase on the back of positive market conditions and through the company’s continuous guidance to provide clients of investment guidance.
“The company’s strong performance for the year would not have been possible if not for the continuous growth of its client base,” the broker said.
As of end-December, the company was able to book 249,000 accounts, representing a 21 percent increase from the 205,000 accounts booked in 2016.
“COL was able to achieve this growth due to the steady stream of referrals from existing clients, as well as through the establishment of new investor centers outside Metro Manila, namely in Davao, Cebu, and Ilocos,” it said.
The company also outperformed the Philippine Stock Exchange in terms of daily value turnover, booking P1 billion worth of value turnover per day or 17.1 percent higher than that of the local bourse.
Market share rose to 6.3 percent last year from the 5.6 percent recorded in 2016. In terms of value turnover for local investors, COL’s market share grew to a new high of 13.1 percent compared with the 11.9 percent recorded in 2016.
In addition, COL’s total client equity reached a record of P73.1 billion, or a 23 percent hike from 2016, with client assets driven by improved portfolio values and by the company’s retail investors.
Fund distribution business contributed P10.6 million in revenues in 2017, nearly double the P5.7 million generated in 2016. Assets under administration reached P2.3 billion as of end-2017 from P1.3 billion the previous year on increased efforts to raise awareness of the benefits and convenience of investing in mutual funds.
“We are happy to end the year serving almost a quarter of a million investors,” COL President and Chief Executive Officer Dino Bate said.
“We will continue to find ways to empower Filipinos so they can take control of their financial future, by providing them the optimal investing experience and by guiding them all throughout their entire investment journey,” he added.