The fixed income market, where debt securities--particularly bonds--are traded, drove the company's performance in the first quarter of 2016, according to Reliance president director Jurgantara Usman.

The publicly listed brokerage firm saw a 57 percent year-on-year increase in revenue to Rp 28.36 billion (US$2.08 million), while its net profit grew 22 percent to Rp 7.26 billion.

"We predict the equity market will remain sluggish in 2016. Hence, Reliance will try to be less dependent on it. Our strategy is to increase retail sales in the fixed income business," he told thejakartapost.com after an extraordinary general meeting in Jakarta on Thursday.

With the downturn in the equity market, Jurgantara continued, many customers are shifting to safer and less risky investments in the debt market, while at the same time there is increasing demand from corporate clients, especially BPDs.

"The BPDs, especially the big ones, are currently seeking bonds to purchase as they have excessive idle funds, mostly for paying civil servants' remuneration," Jurgantara said.

Reliance, he further said, has established a new team to seek potential new clients in the regions, posting a satisfying performance to date. (ags)

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