Kenanga IB profit up tenfold as brokerage, trading income soar

KUALA LUMPUR: Record trading volume on the stock exchange is helping to fuel profit growth at Kenanga Investment Bank Bhd.

For the three-month ended Sept 30, net profit jumped more tenfold to RM49.3mil from RM4.3mil made a year ago.

Revenue doubled to RM319mil in the third quarter from RM159mil previously.

Kenanga, in a filing with Bursa Malaysia today, said the growth in profits was driven by higher brokerage and trading income.

"Despite the current challenging environment, the Group has enjoyed a significant increase in income due to exceptionally high Bursa volumes as well as an increase in market share in 3Q20," it said.

"While Bursa volume has tapered down in the recent months, the Group is on track to achieve improved profits for the year," it added.