UOB-Kay Hian reports second quarter earnings of $26.65 million, up 114.5%

NET profit more than doubled in the second quarter at UOB-Kay Hian Holdings thanks to more commissions for executing trades and increased lending to share investors.

Earnings for the three months to June 30 came in at $26.65 million, up 114.5 per cent from $12.43 million in the same period last year.

Total revenue at the broking house rose 50.1 per cent to $112.08 million but the inclusion of a $2.165 million foreign exchange gain lifted the total income to $114.248 million, an increase of 50.8 per cent from last year.

"Regional markets remained buoyant in most of the second quarter of 2013," said UOB-Kay Hian in a statement on Tuesday.

This helped commission income rise 63.4 per cent to $78.7 million, while interest income grew 14.9 per cent to $25.9 million with higher share financing activities.

Other operating revenues expanded 86.3 per cent to $7.2 million due to higher facility fees.

Earnings per share for the second quarter were 3.68 cents, from 1.71 cents a year ago. Net asset value per share was $1.55 at June 30, up from $1.50 at the end of last year.

Profit was up 64.6 per cent to $58.56 million for the first half of the year.

Total revenue for the half year was $228.09 million, up 42.8 per cent. After the foreign exchange gain was added in total income was $232.83 million, an increase of 44.2 per cent.