SINGAPORE (Nov 15): Brokerage UOB Kay Hian Holdings posted earnings of $14.7 million in 3Q16, a 26% decline from $19.8 million in the same quarter last year.

This was mainly due to trading volumes in major regional markets remaining low.

Total revenue for the three months ended Sept fell 9% to $76.7 million, from $84.3 million in 3Q15.

Commission income fell 11.8% to $51.2 million. Interest income fell 6.4% to $19.6 million on lower financing activities. Other operating revenue grew 11.7% to $5.9 million on higher corporate finance activities.

Cash and cash equivalents stood at $482.1 million as at Sept 30, 2016.

Earnings per share for the quarter was 1.87 cents, down from 2.56 cents previously. Net asset value per share for the Group was 168.76 cents as at Sept 30, down from 169.69 cents as at Dec 31 last year.

In a filing to SGX on Tuesday, UOB Kay Hian says it expects “trading volume to remain low” going forward.

“We expect investors to maintain a more risk adverse approach given the many prevailing uncertainties, including volatile currency fluctuations,” it adds.

Shares of UOB Kay Hian closed flat at $1.31 on Tuesday.