Tokyo, Oct 30, 2008 (Jiji Press) - All five major Japanese online brokers incurred steep revenue falls in April-September as many individual investors held back from stock trading due to the global financial crisis.
Stock trading commission revenues fell by more than 10 pct at all five firms as transactions by individual investors through Japan's top three exchanges dropped some 30 pct from a year before to 732.5 billion yen.
The five firms--SBI Securities Co., Matsui Securities Co. <8628>, Monex Group Inc. <8698>, Rakuten Securities Holdings Inc. and Kabu.com Securities Co. <8703>--also met with sluggish commission revenues from the sale of investment trust funds and foreign debt securities.
SBI Securities was the only one that posted net profit growth, buoyed by a 10-billion-yen profit from the sale of shares in a South Korean subsidiary.
Rakuten posted a net loss of 3.9 billion yen as the company booked a special loss of 7.2 billion yen from the sale of Tokyo Broadcasting System Inc. <9401> shares.
All remaining three firms saw their net profits fall.
At Kabu.com, Monex and Rakuten, commission revenues from margin foreign exchange trading services expanded thanks to the popularity of foreign currency investments. But the growth was not enough to offset the weakness of other operations.
The combined number of stock trading accounts at the five firms rose some 10 pct to 4,763,500 at the end of September as bargain hunters opened accounts to take advantage of falling prices.
But the new accounts did little to buoy earnings. Only a handful of new accounts are active, Matsui Securities President Michio Matsui said.
Following are the five online brokers' April-September earnings in billions of yen, with year-on-year percentage changes in parentheses:
-------------------------------------------------------------
Net Operating Net Commission
Revenue Profit Revenue
-------------------------------------------------------------
SBI 23.6 8.9 15.4
(-19.0) (21.4) (-17.6)
Matsui 13.7 3.9 9.8
(-31.8) (-46.1) (-25.2)
Monex 11.8 0.2 8.1
(-15.0) (-93.7) (-27.4)
Rakuten 10.8 -3.9 7.4
(-21.2) ( - ) (-12.7)
Kabu.com 7.8 2.0 5.7
(-21.9) (-33.4) (-18.8)
-------------------------------------------------------------
Note: The earnings figures are on a parent-only basis for Kabu.com and on a group basis for the four others.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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