Pasig—(PHStocks)—COL Financial Group Inc. (PSE: COL) delivered record breaking results during the second quarter of 2016. Consolidated revenues jumped by 22.5% to a new record high of PhP229.4 Million. This was largely a result of the significant increase in the value of transactions handled by COL and the continuous growth of its customer base. Not surprisingly, profits for the second quarter jumped by 34.3% to PhP112.7 million, allowing COL to book a 37.5% return on average equity (ROE).
COL’s commission revenues increased by 50.6% to PhP175.0 million. This was despite the 5.2% drop in value turnover of the Philippine Stock Exchange (PSE) during the period in review. Commissions grew as COL continued to expand its customer base. As of end June 2016, COL already had more than 180,000 accounts as it was able to add more than 19,000 accounts for the year to date period. Client equity handled by COL also increased significantly to more than PhP58 billion as of end June 2016 from PhP48.6 billion as of end 2015.
COL’s outperformance during the second quarter allowed its market share in the PSE to reach a new record high of 12.8% in terms of value of local transactions and 6.0% in terms of value of total transactions. Its ranking in terms of value traded likewise improved to number six from number eight previously. It also maintained its number one position in terms of volume of transactions as it cornered 20.4% of total transactions during the second quarter.
COL’s newly launched fund distribution business, COL Fund Source, also continued to gain traction. Despite being in operations for less than a year, COL Fund Source already had close to 15,000 clients while the total value of assets under administration already reached PhP989.4 million. In fact, during the first half of 2016, COL accounted for 43.3% of the mutual fund industry’s total net sales of peso denominated funds.
“We are pleased to announce another record quarter for COL. More importantly, we are glad to see the continuous growth of our client base and their investments which is a clear testament to our success in educating and encouraging more Filipinos to save and invest,” said COL President and CEO Dino Bate.
COL Financial is the dominant market leader in online stock brokering in the Philippines. Meanwhile, its mutual fund distribution business COL Fund Source currently carries the peso denominated funds of six asset management companies which together account for around 98% of the assets under management of the mutual fund industry.