UOB Kay Hian reported a 9.2% increase in net profit, reaching S$110.3 million for the second half of the financial year 2024, ending in December. This announcement was made on Wednesday, February 26. The company’s revenue rose by 16.3% to S$353.2 million, with commission and trading income seeing a significant boost of 32.6%, amounting to S$202.7 million. Interest income and other operating income remained stable at S$129.6 million and S$20.9 million, respectively.
The brokerage also noted an increase in commission costs by 38.8% to S$47.9 million due to higher business volumes, while staff costs grew by 20% to reach S$111.2 million. Other operating expenses increased by 39.7% to S$62.6 million, primarily because of goodwill write-offs and additional allowances for impairment of trade and loan receivables.
Earnings per share were recorded at S$0.118 for the half-year compared to last year’s figure of S$0.109 per share during the same period last year.The board has proposed a first and final dividend of S$0 .119 per share for FY2024 , which is an improvement from FY2023’s dividend payout rate (S$.092). Payment will be made on June26 if approved at their annual general meeting scheduled April25th.
For the full year ,the group’s net profit rose significantly by31 .6 %toS $224 .2million while revenue increased13 .3 %toS $670 .3million.The firm operates across multiple markets including Singapore,Hong Kong Thailand Malaysia among others,and attributes its success largely due continued recovery within US&major Asian equity markets.
This has led bullish investor sentiment fueling higher trading volumes throughout2024. Increased volatility coupled with attractive yields have spurred activity derivatives structured products alike.UOB KayHian highlights importance upcoming economic policies from new US administration as these could impact inflation interest rates currency movements globally. Technological innovation China’s stimuli resilience major global economies are also expected influence market trends moving forward.
