Maybank Kim Eng Thailand Results for 3Q21 Exceeded Targets, Profits up 167.21%

Maybank Kim Eng Securities (Thailand) Public Company Limited (MBKET) reported the company’s operating results in the third quarter of 2021, with net profit of Baht 183.64 million, an increase of Baht 114.91 million or 167.21% when compared with the same period of the previous year which has a net profit of Baht 68.73 million.

Mr. Arapat Sangkharat, Chief Executive Officer, Maybank Kim Eng Securities (Thailand) Plc. disclosed the company’s net profit for the three-month period ended September 30, 2021 was Baht 183.64 million, an increase of 167.21% or Baht 114.91 million from net profit of Baht 68.73 million for the same period of last year. 

The company would like to clarify that the main variances compared to last year were the brokerage fees income increased by 55.79% or Baht 220.01 million, from Baht 394.37 million to Baht 614.38 million. The reasons were the brokerage fees from Securities Business increased by 59.66% or Baht 212.66 million, from Baht 356.42 million to Baht 569.08 million as a result from the average daily trading value increased by 65.50% from Baht 56,139.43 million per day to Baht 92,912.47 million per day coupled with the proportion of retail brokerage fee which is the main contribution to the company revenue increased from 45.00% to 45.68%. 

As a result, the average trading value of retails increased by 68.03% from Baht 25,260.99 million per day to Baht 42,445.50 million per day. Brokerage fees from Derivatives Business increased by 17.28% or Baht 6.56 million, from Baht 37.94 million to Baht 44.50 million. Other brokerage fees, which are mostly derived from tender offer service, increased by 100% or Baht 0.79 million.

Fee and service income increased by 224.59% or Baht 32.99 million, from Baht 14.69 million to Baht 47.68 million derived from increase in underwriting fee of Baht 18.96 million, increase in financial advisory fee of Baht 2.80 million and increase in other service fees of Baht 11.23 million. Other income increased by 19.83% or Baht 31.98 million, from Baht 161.31 million to Baht 193.29 million. It was derived from the increase in interest income on margin loans by Baht 65.21 million and increase in other income of Baht 2.08 million against with decrease in interest income on bank deposits and government bonds by Baht 8.63 million and decrease in gain and returns on financial instruments of Baht 26.68 million.

“Year to date financial performance has been outstanding. Our net profit of Baht 631.68 million is 103.49% higher compared to the same period of the previous year. Investments the past few years to diversify our product offerings, particularly wealth management, and commitment to democratize access to investing for all are bearing fruit. Separately, on the people front, we have been successful in ensuring a safe work environment for our staff during covid-19. We have also attracted many new talents, next gen leaders, to spearhead our expansion into new businesses. 2022 is setting up to be a surprising and exciting year,” added Mr. Arapat.