KUALA LUMPUR: Kenanga Investment Bank Bhd has posted its highest ever full-year net profit, which almost quadrupled from the previous year.
Net profit for the year ended Dec 31,2020 (FY20) was 287% higher year-on-year at RM102.1mil, mainly due to higher contribution from its stockbroking and investment management businesses as well as higher share of profits from its joint venture with Rakuten Trade.
Revenue for FY20 was 49.4% higher year-on-year to RM973.8mil.
In a filing with Bursa Malaysia, Kenanga Investment said the bumper growth was mainly driven by three key segments, namely stockbroking, investment banking, and investment and wealth management.
For its fourth quarter ended Dec 31,2020, the group posted a 351% rise year-on-year in net profit to RM39.3mil mainly due to higher net interest income, net brokerage income, trading and investment income, placement fee income and management fees income as well as share of profits from its joint venture with Rakuten Trade.
Revenue for the quarter under review was 66.6% higher year-on-year at RM276.8mil.