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