COL financial logs P158.3M net income in Q1
AMID a challenging market environment that continued into the first quarter of 2023, the stock brokerage business of COL Financial Group Inc. (COL) continued to face difficulties, with commission revenues down 23.5 percent to P127.7 million for the period.
However, due to COL’s effective cash management strategy, the company was able to take advantage of rising rates, increasing its incidental income and offsetting its weak core revenues.
As a result, net income was up 75.9 percent to P158.3 million in the first quarter of the year. Customer growth and trading activity also remained weak for the quarter, causing in COL’s market share and PSE ranking to drop to 4.9 percent and seven percent, respectively. (PR)