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COL Financial (COL) posts 2012 first quarter net income of P130 million, 58% up

The strong performance of the Philippine market coupled with its expanding customer base allowed leading online stockbroker COL Financial (COL) to post record-breaking results. During the first quarter of 2012, net income increased by 58% to PhP130 million.
Consolidated revenues grew by 35% to PhP204 million, largely driven by the strength of COL's local operations. Revenues from Philippines rose 45% to PhP179 million. Commissions, which account for 73% of Philippine revenues, jumped 86% to PhP131 million. During the first quarter this year, the Philippines already accounted for 88% of total revenues, up from 82% for the whole of 2011.

The significant increase in COL's revenues is attributable to the strong performance of the Philippine market. During the first quarter, the PSEi rallied by 17% while average daily turnover picked up by 54% to PhP billion. COL also benefited from the strong growth of its client base. It added a total of 4,300 new customers during the first quarter, bringing its total client base to more than 32,000 as of end of March. As of end March, the value of client equity jumped to PhP22 billion from PhP17 billion as of end 2011.

The strong growth in COL's client base also led to an improvement in the Company's market share. COL's market share in terms of volume of transactions jumped to 23% during the first quarter from 21% in 2011, strenthening its position as the number one stock broker in the PSE. In value terms, COL's rank also improved from 8th to 7th as it handled PhP49 billion worth of transactions. It's market share also increased by 50 basis points to 5% in the first quarter of 2012 from 4% in 2011.

"Last year, we took numerous steps to improve our level of service such as upgrading our computer systems to address the growing volume of transactions, making it easier for clients to transfer funds to their accounts, and making information more accessible to our clients by employing more communication channels and accommodating more attendees in our seminars. These efforts have clearly paid off given our growing number of clients, their expanding equity positions, and the strong growth in our profits", says President and CEO Dino Bate.

"Nevertheless, we will never lose focus of our mission to educate and equip Filipinos with the knowledge, the skill set and the discipline necessary to succeed as stock market investors since we believe that our profitability as a stock broker is only a consequence of our customers' success."
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"COL Financial (COL) posts 2012 first quarter net income of P130 million, 58% up" was written by Mary under the Business category. It has been read 2095 times and generated 0 comments. The article was created on and updated on 21 May 2012.
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