CommSec suffers as investors pull out
The Commonwealth bank’s online share trading service CommSec‘s revenue declined by about 15 per cent to $196 million as investors moderated their share trading activities during 2008/09.
Interest income from margin lending was down almost 50 per cent as borrowers retired debt to avoid margin calls.
Despite the lower revenue, staff costs were up $67 million, contributing to a bottom line profit result of $146 million.
CommSec remains the fastest-growing non-advisory stock broking service in the country, with another 81,000 new accounts last year.
Source: Herald Sun