KUALA LUMPUR, Nov 27 — Kenanga Investment Bank Bhd’s (Kenanga) net profit for the third quarter ended September 30, 2020 (Q3 2020) soared 1,048 per cent to RM49.27 million from RM4.29 million in the same period last year.
Revenue doubled to RM319.48 million from RM159.42 million previously.
In a filing with Bursa Malaysia today, Kenanga said this was contributed by higher net interest income, net brokerage income, trading and investment income, placement fee income, and management fees income, as well as share of profits from a joint-venture company with Rakuten Trade.
“Despite the current challenging environment, the company enjoys a significant increase in income due to exceptionally high Bursa Malaysia volumes as well as an increase in market share in Q3 2020.
“While Bursa Malaysia’s volume has tapered down in recent months, the company is on track to achieve improved profits for the year,” it added. — Bernama
