Tuesday, September 27, 2011

Hwang-DBS 4Q net profit up 91.5% to RM24.44m

KUALA LUMPUR: Hwang-DBS (Malaysia) Bhd's net profit surged 91.5% to RM24.44 million in the fourth quarter ended July 31, 2011 when compared with RM12.76 million a year ago.

It said on Tuesday, Sept 27 the higher earnings were due to net realised gain on securities held-for-trading by the investment banking division, higher gross dividends and income distributions coupled with higher fee income in the current quarter.

Revenue rose 7.8% to RM95.58 million from RM88.67 million a year ago while earnings per share rose to 9.58 sen from 5.0 sen. It proposed dividend of 5.0 sen a share, less income tax at 25%, amounting to RM9.57 million.

For the financial year ended July 31, 2011, its net profit increased by 42.2% to RM86.61 million from RM60.87 million. Its revenue increased 15.1% to RM399.33 million from RM346.94 million.

The higher operating revenue was mainly due to an increase in other operating income by 30% to RM233.3 million (2010: RM179.5 million).

'The improvement in other operating income of the group is mainly driven by higher brokerage from its stockbroking activities coupled with higher fee and net interest income, net realised gain from sales of securities and net unrealised gain from the securities and derivatives portfolio of the investment banking division.

'The group also recorded increase in management and incentive fees and higher initial service charge from increase in sales of unit trusts by the group's fund and asset management subsidiary,' it said.

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