PETALING JAYA: Kenanga Investment Bank Bhd
(KIB) will continue to be vigilant in monitoring market uncertainties and continues to be cautiously optimistic about its outlook.
For the first quarter ended March 31, 2024 (1Q24), KIB’s net profit rose to RM22.83mil from RM10.25mil in the previous corresponding period, while revenue improved to RM204.21mil from RM179.79mil previously.
Basic earnings per share stood at 3.15 sen versus 1.42 sen a year earlier.
In a statement, KIB said its 1Q24 performance was primarily driven by higher trading and investment income, management fee income and a significant contribution in share of profit from Saudi-Arabia based associate company, Al Wasatah Al Maliah, which recorded an exceptional first quarter.
“For the period under review, the group’s investment and wealth management business reported a boost in revenue to RM54mil, a 6% increase from 1Q23, primarily driven by increased management fees income.
“Furthermore, its asset under administration expanded to RM22.8bil, up 9.6% from the same quarter last year.”
