Rs 1.9 b turnover from stock broking

The local stock broking industry has recorded Rs 1.9 billion turnover last year recording a slight growth compared to 2008.

The Securities and Exchange Commission of Sri Lanka Annual Report 2009 stated that net brokerage was recorded at Rs 1.8 billion and it was Rs 0.9 billion in 2008.

The unaudited financial statement submitted to the SEC revealed that operating profit/loss recorded as Rs 991 million.

Other income of the industry is recorded as Rs 375 million and this was Rs 429.9 million in 2008. The industry also recorded Rs 822.4 million as net profit before tax and it was Rs 103.2 million in 2008 showing a significant growth.

As at December 31, 2009/2008 total assets of the industry recorded as Rs 6.4 billion while total liabilities reported as Rs 3.8 billion and net capital was Rs 2 billion

The report said twenty stock broking companies maintained the minimum net capital requirement throughout 2009.