SINGAPORE (May 15): UOB-Kay Hian Holdings saw its earnings jump 30.3% to $25.7 million in the 1Q ended March, from $19.7 million a year ago.
1Q18 revenue rose 19.7% to $108.3 million, from $90.5 million a year ago. This was led by a 28.1% increase in commission income to $80.5 million during the quarter
The increase was due to higher business volume as market sentiment remained positive during the quarter on the back of global economic growth. Trading volumes in Singapore and regional markets grew strongly, with the Hong Kong market almost doubling its trading volume.
As at end March, cash and cash equivalents stood at $433.1 million.
The group says strong market momentum in 2017 carried into February 2018, but
Looking ahead, it expects markets to be increasingly volatile.
The group says strong market momentum in 2017 carried into February 2018, but market sentiment was shaken by a number of rapidly emerging uncertainties including escalating trade tensions between US and China, geopolitical tensions between Russia and NATO members, and the recent change in the Malaysian government.
All these factors have increased risk premium on equity valuations, it adds.
Shares of UOB-Kay Hian closed 3 cents higher at $1.37 on Tuesday.
