CNBS hits revenue record
OVERLAND PARK, Kan. - Though it isn't releasing figures for competitive reasons, Corporate Network Brokerage Services, Inc. said that its year-to-date transaction revenue has exceeded its highest annual total in CNBS' 12-year existence. "To reach a record level of revenue is always an accomplishment. To do it less than two-thirds into the year is truly amazing, especially given that loans-to-shares remain relatively high," said CNBS President/CEO Brian Hague. Fee income played a big role in the record. Hague noted that fees through July are already higher than the annual total for 1998, the first year of operation for CNBS as an independent company owned by corporate credit unions. Prior to that CNBS was owned by U.S. Central Credit Union. "Fees are also on pace to reach a record level by year-end," Hague added. Hague also pointed to client growth as a factor, and liquidity levels at CUs. "The seasonality of credit union loan demand is such that the summer months are typically slow for investment activity," he said. "That has not been the case this summer, as June and July revenues were the highest for those months in the firm's history, and August revenue is already more than two times the highest previous level for that month." CNBS is an NASD-member broker/dealer and SEC-registered investment adviser owned by nineteen corporate credit unions.