UOB Kay Hian's Q4 net profit down 47.7%

SINGAPORE - Trading volumes and commission income continued to fall in Singapore, Hong Kong and Thailand, affecting brokerage UOB Kay Hian's fourth-quarter earnings.

Net profit for the three months to Dec 31 slumped 47.7 per cent to $10.4 million.

Commission income dipped 31.8 per cent to $40.2 million, compared with the same period a year ago.

Interest income grew 10.5 per cent to $35.9 million with higher lending activities, this also resulted in other operating income increasing, which includes facilities fees from lending activities.

Commissions paid to commission agents fell 36.5 per cent to $9.7million, which it said was generally in line with lower commission income.

Quarterly earnings per share for the quarter was 1.31 cents, down from 2.56 cents previously. Net asset value per share was 169.69 cents as at Dec 31, up from 163.96 cents a year ago.