In 2Q17, revenue rose 0.8% to $90.5 million compared to $89.8 million in 2Q16.
Commission income rose 30.7% y-o-y to $58.7 million in 2Q17 from $44.9 million the previous year.
However, interest income fell 31.7% to $26.2 million from $38.4 million with lower financing activities.
Other operating revenue also fell 37.9% to $3.5 million from $5.7 million with lower corporate finance activities.
Due to higher commission expenses and lower corporate finance income, the group recorded a pre-tax profit of $19.3 million in 2Q17, 0.6% lower from $19.4 million in 2Q16.
Finance expenses also declined 44.1% to $9.7 million along with lower financing requirements.
Other operating expenses increased 6.9% to $16.2 million from $15.1 million a year ago with higher trading volumes.
Due to higher business volume, commission expenses increased 60% to $17.1 million from $10.7 million a year ago, while personnel expenses increased 2.5% to $26.1 million.
The regional markets for the first half of 2017 traded firmer than 2016 and the stock market recovery has been driven by the strong US market performance and bank performance as well as better manufacturing numbers.
“On balance we are cautiously optimistic about prospects in our regional markets,” says UOB Kay Hian.
Shares in UOB Kay Hian closed 1 cent lower at $1.35 on Thursday.
