PSE Reported P640 Million in Net Income for 9M24, Up 11.2%

The Philippine Stock Exchange, Inc. (PSE) reported an 11.2% increase in net income for the first nine months of the year to P640.25 million from P575.65 million in the same period last year, owing to an increase in other income.

Other revenue increased by 90.8 percent to P326.17 million, owing to higher fair value estimates for the company's interests in equity funds and US dollar-denominated bonds, which are handled by professional fund managers with a fully discretionary mandate.

PSE's operating revenues fell by 5.2 percent to P1.04 billion from P1.10 billion in the January-September 2023 period. Listing-related revenues were down 6.7%. Trading-related revenues, on the other hand, increased by 11.0 percent, driven by a 23.9 percent increase in market data revenue.

​“High interest rates prompted companies to opt out of raising capital from the equities market in the last few months, and more recently, the market’s volatility. Given the remaining offerings in the pipeline, the number of capital raising activities and the total amount raised in 2024 will definitely be lower year-on-year,” said PSE President and CEO Ramon S. Monzon.

“We are optimistic that bright spots such as easing inflation and interest rates will help create an ideal environment for capital raising next year. We also continue to work with PSE LEAP (Listing Engagement and Assistance Program) clients that have been deemed ready to list to firm up their IPO plans,” Mr. Monzon added.

Total expenses increased by 11.4 percent, to P618.47 million, from P555.18 million previous year.

The Exchange's next initiatives include the introduction of Global Philippine Depositary Receipts. GPDRs are peso-denominated securities that represent economic interest, but not voting interest, in an underlying security listed on an overseas exchange. The holder can convert the GPDR to the underlying security's equivalent shares or units.

“We recognize the need to increase liquidity in the stock market. To this end, we are continuously working to introduce various products to attract more investors. We also urge government to pass capital market legislative reforms, including the bill that seeks to reduce stock transaction tax,” Mr. Monzon said.