KUALA LUMPUR: Kenanga Investment Bank Bhd
(KIBB) reported a net profit of RM39.3mil in the last quarter ended Dec 31 on higher contribution from its stockbroking business, as well as increased contribution from its joint venture with Rakuten Trade.
Earnings for the full year jumped four-fold to RM102mil.
The average daily trading value (ADV) of securities on the local bourse doubled from RM1.93bil in 2019 to RM4.21bil in 2020, Bursa Malaysia said earlier this month.
The surge was primarily driven retail investors, including many first timers, who took advantage of the convenience of online broking and the conducive low interest rate environment to trade in stocks.
This was evident in KIBB's joint venture company, Rakuten Trade, a fully online stockbroking platform which received record high account opening and trades.
The platform ended the year with 166,000 trading accounts under its belt, making it the fastest growing stockbroker in the market.
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