CitisecOnline Financial Group (COL) reported earlier last week that its net income is up to P209.7 million in its first half of operations for 2012. Despite the 48% drop in revenues on its Hong Kong unit its Philippine operations more than made up for the slack, already accounting for 91% of its consolidated revenues.
COL's total client base is estimate at 37,000 from 28,000 as of end of 2011. The company also maintained its leadership in the Philippine Stocks Exchange gaining a market share of 23% in volume of transactions. It now ranks 7th in value transactions transactions as it handled worth P84.6 billion.
Despite the strong performance in its Philippine operations, net profits were tempered by its HK unit. This is somewhat expected as market conditions abroad continue to deteriorate due to slowdown in US data and worries on Europe debt crisis. Locally, the solid growth of COL can be viewed that confidence level to invest in the Philippines is high. This also shows that more and more Filipinos have become aware on the importance of investing proven by the increase in client base.
Perhaps what separates COL from the rest of the local stockbrokers is its shares are listed in the stocks market. This means that you can own a portion of its stocks by buying through the primary market. The company is not only subjected to PSE rules as a broker, but also as a listed entity so there is a perception that the report it caters to customers are more transparent.
COL share price has enjoyed a gradual appreciation since its initial public offering (IPO). It also launched its enhanced website to better aid clients in booking trading transactions. The company has continued to show dedication in improving services while keeping on track with its growth target. Its shares may not be as highly regarded in investment circles, but I can safely say that CitisecOnline will continue its positive growth and maintain its leadership in stock brokerage for some time.
Disclaimer: This article is solely the opinion of the blogger based on personal research. Any statement made is not a conclusion of absolute fact and is not intended to impose or persuade anyone's judgement.