COL earnings double in Q1

Listed online brokerage firm COL Financial Group Inc. (COL) reported a net income of P207.8 million in the first quarter, up 107.1 percent year on year.

This was on the back of a 71.2 percent jump in revenues of P365.7 million, primarily led by an 87.3 percent increase in commission revenues and the strong growth in interest income and fees.

COL president and chief executive officer Dino Bate said the company’s outstanding performance in recent quarters reflects its strategy of focusing on the underserved retail investor base, which is growing rapidly.

“Moving forward, we will strive to further improve our customers’ investing experience by equipping them with better tools and guidance, and by continuing to enhance the products and services that we offer them,” Bate said.

Commission revenues rose on the back of higher trading activity in the quarter, as more of COL’s self-directed clients increased their participation in the stock market and as the company strengthened its efforts to provide market guidance to its clients.

The growth in COL’s retail customers also boosted commission revenues.

The company’s client base grew 21.4 percent year-on-year to over 262,000 accounts as of the end of the first quarter, driven by new accounts from COL’s four investor centers and referrals from existing clients.