Leading online brokerage house COL Financial of bilyonaryo Edward Lee nearly doubled its profit in the first nine months of the year, driven by the sustained expansion of its customer base and continued top line growth.
COL’s net earnings soared by 95 percent to P404.4 million as revenues jumped 38.5 percent to P828.4 million during the nine-month period. This positive trajectory was driven by the favorable impact of higher yields on interest income, which more than compensated for the decrease in commission revenues.
The strategic utilization of higher margin coupled with a significant increase in interest rates contributed to a 165 percent surge in interest income, reaching P521.2 million. The strong growth in interest income effectively counteracted the adverse effects of poor investor sentiment on stock prices, value turnover, and commission revenues.
Amid challenging market conditions, COL Financial sustained its customer base expansion, adding 18,964 new accounts from its Philippine operations, reflecting a 3.7 percent year-on-year increase.
The company employed targeted marketing and sales campaigns, opting for a more cost-effective approach over broad campaigning, considering the difficulties brought on by the pandemic years and the rise in interest rates.
COL likewise introduced new marketing campaigns and seminars focusing on dividend stocks, fixed income funds, and outlier global funds. These initiatives proved successful in capturing the interest of previously unengaged leads, contributing to the overall positive performance of COL in the first nine months.