Kenanga Investment posts record net profit in FY20

Consolidated revenue rose to RM973.8 million in FY20 from RM651.3 million previously, the investment bank said in a filing with Bursa Malaysia today. — Bernama pic
Consolidated revenue rose to RM973.8 million in FY20 from RM651.3 million previously, the investment bank said in a filing with Bursa Malaysia today. — Bernama pic

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KUALA LUMPUR, Feb 25 — Kenanga Investment Bank Bhd posted a record net profit of RM102.1 million in the financial year ended December 31, 2020 (FY20), almost quadrupling its net profit of RM26.39 million recorded in FY19.

Consolidated revenue rose to RM973.8 million in FY20 from RM651.3 million previously, the investment bank said in a filing with Bursa Malaysia today.

On its fourth-quarter (Q4 2020) performance, the bank’s net profit had more than quadrupled to RM39.3 million from RM8.71 million in Q4 2019, while revenue increased to RM276.8 million from RM166.2 million previously.

Group managing director Datuk Chay Wai Leong said the bumper growth was mainly driven by three key segments, namely stockbroking, investment banking, and investment and wealth management.

He said in contrast to the pandemic’s negative impact on global economies, most stock markets around the world experienced a remarkable and protracted surge in trading volumes, underpinned by reignited retail interest.

“As a result, the income contribution from our stockbroking division rose together with the vibrancy of the market.

“Our stock broking market share increased over 30 per cent to 12.6 per cent. We ended the year as the number one retail stockbroker in Malaysia by trading value,” he said. — Bernama

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