Kenanga Investment to focus on growing core business

PETALING JAYA: Kenanga Investment Bank Bhd (KIBB) will focus on growing its core businesses while accelerating digital transformation.

In a statement, KIBB group managing director Datuk Chay Wai Leong said by strengthening recurring income streams, optimising cost efficiencies and expanding product offerings, the group will be positioning itself for sustainable, long-term growth.

For the fourth quarter ended Dec 31, 2024, KIBB’s net profit rose to RM48.95mil from RM22mil in the previous corresponding period, while revenue improved to RM326.5mil from RM223.3mil a year earlier.

In its financial year ended Dec 31, 2024 (FY24), KIBB’s net profit rose to RM95.76mil from RM72.64mil in the previous corresponding period, while revenue grew to RM1bil from RM821.06mil previously.

KIBB also declared an interim single-tier dividend of 8.00 sen per ordinary share for FY24.

The group said its strong results were driven by a significant revaluation gain on strategic investments through its private equity arm, alongside higher trading and investment income, net brokerage income and management and performance fees.

“Increased contributions from associates further bolstered its bottom line, partially offset by credit loss expenses.”