KUALA LUMPUR: ECM Libra Financial Group Bhd’s first quarter (1Q) net profit rose by an annual pace of 46.8% as revenue increased, helped mainly by higher non-interest income and foreign exchange (forex) gains.

In a statement to Bursa Malaysia, ECM Libra said net profit in the quarter to April 30, 2010 came to RM7.25 million, or 0.9  sen a share compared with RM4.94 million, or 0.6 sen a year earlier. Revenue climbed 45.8% to RM33.89 million from RM23.24 million.

“The group’s fundamentals and balance sheet remain strong and is expected to show satisfactory performance in the current financial year,” ECM Libra said.

During the quarter, ECM Libra’s non-interest income rose to RM20 million from RM11.88 million previously. The company made a forex gain of RM937,000 during the period against RM27,000 a year earlier.

For the quarter in review, the group posted a profit before tax of RM9.9 million. This is largely contributed by net brokerage income of RM9.3 million, fee income of RM5.9 million, investment and trading income of RM4.7 million as well as net interest income of RM6.7 million, partially, offset by operating expenses of RM15.7 million.

It had in April declared an interim single tier dividend of 2.3 sen per share for the financial year ending Jan 31, 2011, which was paid last Monday.

In quarterly terms, ECM Libra’s net profit fell 44.8% from RM13.13 million in the preceding fourth quarter while revenue was down 27.6% from RM46.8 million.

The financial services group had in April this year announced that it had completed the distribution of a share dividend on the basis of one treasury share for every fifty-two shares held, involving 15.49 million treasury units in the company.

Shares of ECM Libra gained 0.5 sen to 67.5 sen yesterday, for a 6.64% gain so far this year, outperforming the FBM KLCI’s 1.36% advance.