Banks, brokers post combined growth burst

PUBLISHED : Wednesday, 24 October, 2001, 12:00am
UPDATED : Wednesday, 24 October, 2001, 12:00am

Brokers and banks' securities departments recorded a combined 21 per cent year-on-year growth in their operating income last year, according to a Securities and Futures Commission survey.

The survey released yesterday showed brokers and bank securities departments had experienced strong increases in business, in line with the more favourable stock market sentiment in the first half of last year.

Business was also driven up by investors in hot pursuit of Internet-related stocks during the dotcom boom in the early months of last year.

The survey showed that banks' portion for the securities market decreased to 18 per cent last year, from 26 per cent in 1999.

The survey also found that many new investors joined the market last year, with the number of active stock trading clients having increased 39 per cent year on year last year.