Kenanga Investment 2Q net profit surges to RM20.46m

Kenanga Investment Bank group managing director Datuk Chay Wai Leong said digitalisation has enabled the group to support the recent resurgence in retail participation, and to capitalise on the bullish stock market sentiments.

KUALA LUMPUR: Kenanga Investment Bank posted net profit of RM20.46mil in the second quarter ended June 30,2020 as it benefited from the surge in trading activities and brokerage fees, boosted by a surge in participation from local retail investors.

In a statement posted on Monday, it reported the 1Q net profit was up 265% from RM5.60mil a year ago. Its revenue increased by 24% to RM209.74mil from RM169.05mil. Its earnings per share were 2.93 sen compared with 0.8 sen.