UOB Kay Hian profit up 32.7% to $69.6m in H1

Its revenue was up 22.4$ to $287.8m.

UOB Kay Hian reported a $69.6m profit in the first half of the year, registering a 32.7% increase from $52.4m in the same period last year.

In a disclosure, UOB said its revenue also rose by around 22.4% year-on-year (YoY) to $287.8m.

Meanwhile, its commission and trading income declined by 14.8% to $139.8m because of the lower market volume across the regional and the US market, adding that market volumes were also down by 16% to 27%.

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“While inflation growth looks to have peaked, current interest rates are expected to remain elevated moving ahead. With political tensions between China and the US continuing and global growth weak, the Group expects overall trading volumes to remain muted,” it said.

The company’s interest income surged by 137.2% to $132m due to the high-interest environment, whilst its operating income slightly rose to $16m from $15.4m.

Its commission expenses were down 11.8% to $37.3m, whilst its personnel expenses slightly increased to $78.6m. Its other operation expenses were at $18.3m.