SINGAPORE (May 15): Brokerage house UOB Kay Hian reported a 39.4% rise in 1Q earnings to $19.7 million from a year ago as the market rally after the US presidential election in the late 4Q16 continued into 1Q17.
There was also an overall increase in interest in regional markets by retail investors and trading volumes in major regional markets where UOB operated in were higher with active retail participation.
Total income rose 19.3% to $91.4 million for the quarter as total revenue rose 17.2% to $90/5 million. This was led by a 23.9% rise in commission income to $62.8 million, a 3.7% rise in interest income to $20.9 million and a 6.4% rise in other operating income to $6.7 million. There was also a foreign exchange gain of $914,000.