INTEGRATED ANNUAL REPORT 2025
Financial Results Summary
Revenue
RM 865.3 million
Profit Before Tax (PBT)
RM 73.6 million
Operating Profit
RM 69.1 million
Dividend Declared
5.0 senChairman’s Message
Dear Shareholders,
The year 2025 was characterised by continued uncertainties across global markets, shaped by geopolitical tension and shifting trade and tariff policies. Volatility persisted as rapid economic, technological and regulatory developments continued to redefine how financial institutions operate and compete.
YAM TAN SRI DATO’ SERI SYED ANWAR JAMALULLAIL
Chairman/ Independent Non-Executive Director
GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS
Dear Shareholders,
Global financial markets experienced heightened volatility in 2025, driven largely by uncertainties surrounding the United States (“US”) trade tariffs and their potential implications for global growth. During the year, Malaysia’s role as ASEAN Chair reinforced its position as a stable and credible financial and investment hub amid elevated global uncertainty.
DATUK CHAY WAI LEONG
Group Managing Director
FIVE (5)-YEAR
GROUP FINANCIAL
HIGHLIGHTS
OUR DIGITAL JOURNEY
2016
Rakuten Joint Venture
Kenanga entered into a joint venture with Japanese internet giant, Rakuten Securities, Inc.
2017
Launch of Rakuten Trade
Kenanga and Rakuten Securities, Inc. jointly launched Rakuten Trade, Malaysia’s first fully digital equity broker. In 2024, the joint venture partner of Kenanga has been changed from Rakuten Securities, Inc. to Rakuten Securities Holdings, Inc.
Back Office Digitalisation
Kenanga completed back office digitalisation to enhance efficiencies.
2019
2020
e-Wallet Launch with Merchantrade Asia Sdn Bhd (“Merchantrade”)
Kenanga launched Kenanga Money, Malaysia’s first stockbroker e-wallet, with Merchantrade and later acquired a stake in the company.
2020
Partnership with Bay Group Holdings Sdn Bhd (“CapBay”)
Kenanga entered into a partnership with CapBay to digitalise first-in-Malaysia factoring solution, unifying both private and public sector’s receivables under one (1) platform.
2021
A Stake in Kinetic DAX Sdn Bhd (formerly known as Tokenize Technology (M) Sdn Bhd) (“KDX”)
Kenanga received approval from the Securities Commission Malaysia to acquire a stake in Digital Asset Exchange Platform, KDX, which subsequently became a subsidiary of KIBB in 2026.
2022
Launch of a Robo-Advisory Platform
Kenanga launched a fully AI-driven robo-advisory platform, Kenanga Digital Investing.
2023
Signed Memorandum of Understanding with Ant Group
Kenanga entered into a collaboration with Ant Group to develop Malaysia’s first Wealth SuperApp, geared to revolutionise wealth generation and management.
2024
Launch of KDi GO
Kenanga launched KDi GO, an all-in-one Malaysia’s first Wealth SuperApp, aimed at redefining how individuals manage their finances.
2025
Strategic Investment in Halogen Capital Sdn Bhd (“Halogen Capital”)
Kenanga expanded its footprint in digital asset innovation by becoming the largest institutional shareholder in Halogen Capital, Malaysia’s first and only licensed digital asset fund manager.
2026
Launch of Myrra Token Platform
Kenanga, in collaboration with the Stellar Development Foundation, launched Myrra, a blockchain-based platform enabling real-world asset tokenisation.
VALUE CREATION MODEL
Click to read more
Intellectual Capital
Intellectual Capital refers to intangible organisational assets rooted in knowledge, which may encompass intellectual property like software or licences, as well as proprietary knowledge, systems, or procedures.
Financial Capital
Financial Capital refers to the cumulative resources of funds at the disposal of the Group.
Manufactured Capital
Manufactured Capital encompasses the Group’s infrastructure, comprising physical branches and digital technology, among other things, which are instrumental in delivering services to customers.
Human Capital
Human Capital represents the collective skills, expertise and experience of the people who drive Kenanga Group’s operations, including employees and licensed representatives. This combined capability empowers the Group to implement its strategies and create value for its stakeholders.
Natural Capital
Natural Capital involves the stewardship of natural resource utilisation and its consequential effects on the environment.
Social and Relationship Capital
Social and Relationship Capital encompasses the connections fostered among communities and stakeholders, as well as enhancing financial literacy and inclusion through education.
Intellectual Capital
- Over 50 years of experience
- Drive thought leadership through industry committees
- First independent investment bank in Malaysia to join the United Nations Global Compact
Financial Capital
- Shareholders’ Equity: RM1.09 billion
- Deposit from Customers: RM3.40 billion
- Strong capital ratio of 21.8% and liquidity coverage ratio of 201%
Manufactured Capital
- 31 branches
- List of Digital Channels / Apps from Kenanga:
Human Capital
- Total number of Kenanga Group employees: 1,320
- Total number of licensed representatives: 7,218
Natural Capital
- Kenanga Tower operates on 90% of green energy
- Installation of solar panels and purchase of electric vehicle company cars
Social and Relationship Capital
- Total number of clients: >500,000
- Key Collaboration and Partnerships:
Intellectual Capital
During the year, the Group strengthened its core businesses while advancing digital and tokenisation capabilities, improving operational efficiency, deepening strategic partnerships and embedding sustainability to support long‑term value creation.
Financial Capital
- Revenue: RM865.3 million
- Profit before tax: RM73.6 million
- Net profit: RM50.0 million
- Dividend: 5 sen per ordinary share
Manufactured Capital
- Stockbroking retail segment market share: 25.1%
- Stockbroking volume transacted: 328.1 billion shares
- Futures trading volume: 15.5 million contracts
- Assets under administration: RM26.2 billion
Human Capital
-
Gender Representation:
Male: 48%
Female: 52%
- Total amount of training hours recorded: 49,901 hours
- 92 employees received professional and role-based certification
- Talent Attraction and Development:
Natural Capital
- Total energy consumption: 19,809.2 GJ
- Total petrol consumption: 16,411.8 litres
- Total electricity consumption:5,348,386 kWh
- GHG emissions data:
- Scope 1: 39.6 tCO2e
- Scope 2: 1,462.5 tCO2e
- Scope 3 (Category 6 & 7): 4,412.7 tCO2e
- Scope 3 (Category 15): 349,853.8 tCO2e (2024)
- Total water consumption: 43,706.5 (m3)
Social and Relationship Capital
- Total procurement spent on local entities: RM114.8 million
- Total number of volunteer hours: 3,594 hours
- Total amount invested on community initiatives: RM576,958
- Direct positive impact to over 1,100 individuals in marginalised communities
- Involved in 181 financial literacy programmes
- Over 1,650 participants registered for our annual Fraud Awareness Week in 2025
Intellectual Capital
- Best Investment Bank Malaysia 2025,
Global Banking & Finance Awards 2025 - Stockbroking
Best Retail Equities Participating Organisation (Investment Bank) (Champion), Bursa Excellence Awards 2024 - Asset and Wealth Management
2026 Best of the Best Awards
- Best Impact Investing Manager (ASEAN & Malaysia)
- Malaysia Best Equity Manager
- Malaysia ESG Engagement Initiative
- Listed Derivatives Business Best Overall Derivatives Trading Participant (Champion), Bursa Excellence Awards 2024
- Launch of Myrra platform
- Maintained our inclusion on the FTSE4Good Bursa Malaysia Index with an improved overall ESG score to 4.3 from 4.2
Financial Capital
- Strengthened position as Malaysia’s leading investment bank
- Return on Equity: 4.53%
- A+ credit rating from MARC
- Kenanga Investors Berhad and Kenanga Islamic Investors Berhad retained its MARC IMR-2 rating
Manufactured Capital
Our digital and operational infrastructure enables the Group to advance its vision of democratising wealth management by breaking down traditional barriers to financial services, including through asset tokenisation and broader access to investment opportunities.
Human Capital
- Malaysia Best Bank for Diversity & Inclusion, Euromoney Awards for Excellence 2025
- Gender Pay Ratio: 1:0.91
- Zero incidents of work-related fatalities
- Turnover rate: 14.5%
Natural Capital
- Malaysia Best Bank for ESG, Euromoney Awards for Excellence 2025
- Reduced overall GHG emissions at Kenanga Tower while reinforcing our support of the nation’s transition to a low-carbon economy.
Social and Relationship Capital
- Top 20 Overall Excellence Award and the Niche Cap Excellence Award, National Corporate Governance and Sustainability Awards 2025
- Increased public financial awareness
- Boosted local economic growth and supported social enterprises
- Built stronger client trust and enhanced fraud prevention
OUR PERFORMANCE REVIEW
Stockbroking
In 2025, the Group’s Stockbroking division navigated a year of softer market activity and heightened competition, particularly in the retail segment. It remained focused on sustaining market presence, deepening client relationships, and strengthening operational discipline, while implementing initiatives to enhance engagement and support long-term competitiveness.
Investment Banking
Kenanga Group’s Investment Banking division delivered a robust performance in 2025, with profit before tax increasing to RM22.4 million from RM6.2 million in the previous year. The growth was anchored by the strong contribution of Group Treasury, benefitting from constructive interest rate dynamics and active management across its trading activities. Beyond Group Treasury, the division’s performance also reflects disciplined execution across its teams, sustained advisory activity and a continued focus on delivering value‑driven solutions for clients.
Asset and Wealth Management
The Group’s Asset and Wealth Management (“GAWM”) arm comprises Kenanga Investors Group (“KIG”), which includes KIB, KIIB, Eq8 Capital Sdn Bhd (“Eq8”), and Kenanga Trustees Berhad (“KTB”). Complementing KIG is the KIBB Digital Investment Management arm which collectively form the GAWM division.
Listed Derivatives Business
The Group’s Listed Derivatives Business, Kenanga Futures Sdn Bhd (“KFSB”), delivered a record-breaking performance in 2025, posting its highest profit in more than a decade with profit before tax rising to RM8.6 million from RM7.8 million in 2024. This exceptional performance was fuelled by strong execution volumes and its ability to capitalise on market opportunities. During the year, KFSB’s execution of Bursa Malaysia Derivatives Berhad (“BMD”) contracts grew by 11% to 15.5 million contracts, up from 14 million contracts in 2024. As a result, KFSB’s market share expanded to 35.7%, reinforcing its position as Malaysia’s No. 1 futures broker. Total BMD contract volumes also reached a new record high of 23.3 million, representing a 3% growth from 22.7 million the previous year.
Stockbroking
In 2025, the Group’s Stockbroking division navigated a year of softer market activity and heightened competition, particularly in the retail segment. It remained focused on sustaining market presence, deepening client relationships, and strengthening operational discipline, while implementing initiatives to enhance engagement and support long-term competitiveness.
Investment Banking
Kenanga Group’s Investment Banking division delivered a robust performance in 2025, with profit before tax increasing to RM22.4 million from RM6.2 million in the previous year. The growth was anchored by the strong contribution of Group Treasury, benefitting from constructive interest rate dynamics and active management across its trading activities. Beyond Group Treasury, the division’s performance also reflects disciplined execution across its teams, sustained advisory activity and a continued focus on delivering value‑driven solutions for clients.
Asset and Wealth Management
The Group’s Asset and Wealth Management (“GAWM”) arm comprises Kenanga Investors Group (“KIG”), which includes KIB, KIIB, Eq8 Capital Sdn Bhd (“Eq8”), and Kenanga Trustees Berhad (“KTB”). Complementing KIG is the KIBB Digital Investment Management arm which collectively form the GAWM division.
Listed Derivatives Business
The Group’s Listed Derivatives Business, Kenanga Futures Sdn Bhd (“KFSB”), delivered a record-breaking performance in 2025, posting its highest profit in more than a decade with profit before tax rising to RM8.6 million from RM7.8 million in 2024. This exceptional performance was fuelled by strong execution volumes and its ability to capitalise on market opportunities. During the year, KFSB’s execution of Bursa Malaysia Derivatives Berhad (“BMD”) contracts grew by 11% to 15.5 million contracts, up from 14 million contracts in 2024. As a result, KFSB’s market share expanded to 35.7%, reinforcing its position as Malaysia’s No. 1 futures broker. Total BMD contract volumes also reached a new record high of 23.3 million, representing a 3% growth from 22.7 million the previous year.
OUR SUSTAINABILITY APPROACH
-
Environmental Stewardship
Promote climate positive culture within the organisation and relevant external stakeholders to attain a low carbon economy
MATERIAL MATTERS
-
Climate Impact
UNSDG
-
-
Good Governance
Lead a responsible business underpinned by a robust compliance culture and high levels of ethical standards
MATERIAL MATTERS
-
Good Business Conduct
-
Risk Management
-
Regulatory Compliance
UNSDG
-
-
Sustainable Economic Growth
Integrate ESG factors into our business decisions and value chain and manage our ESG risks and opportunities as we innovate to build a sustainable future
MATERIAL MATTERS
-
Responsible Investing
-
Digitalisation
-
Cyber Security
-
Client Experience
UNSDG
-
-
Empowering People and Communities
Create a positive impact on our employees, clients, and business associates, as well as communities in need
MATERIAL MATTERS
-
Diversity and Inclusion
-
Employee Safety, Health and Wellbeing
-
Talent Attraction, Development and Management
-
Community Investment
-
Financial Inclusion
UNSDG
-
HOW WE ARE GOVERNED
Corporate Governance Overview Statement
Ethics and Compliance Statement
Statement on Risk Management and Internal Control
DOWNLOADS
VISIT OUR WEBSITE TODAY TO FIND OUT MORE
