Image by barnoid via FlickrMANILA, Philippines—Leading online stockbroker CitisecOnline.com Inc. grew its third-quarter consolidated net profit by 10.9 percent to P79.2 million as strong Philippine operations made up for sluggish output from its overseas unit in Hong Kong.
This brought COL’s nine-month net profit to P188.8 million, down by 5.4 percent from a year ago, weighed down by the overseas operations.
“We are very pleased with the results of our Philippine operations. Initiatives to grow the business by educating, equipping and empowering the Filipino retail investors are clearly paying off as evidenced by the significant growth in the number of our customer accounts and the size of their equity. It is even more encouraging that the bulk of our new customers are first-time investors in the stock market,” COL president Conrado Bate said.
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