Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Mirae Asset Daewoo Securities logs record-high quarterly net profit
Headquarters of Mirae Asset Financial Group in central Seoul / Courtesy of Mirae Asset Finnacial Group
By Anna J. Park
By Anna J. Park
Mirae Asset Daewoo Securities reported its strongest-ever quarterly net profit of 304 billion won ($257 million) during the second quarter, up 38.6 percent, year-on-year.
On a quarter-on-quarter basis, the country's top-tier brokerage saw a whopping 184 percent increase in terms of net profit during the given period. Mirae Asset Daewoo generated an operating profit of 387.1 billion won for the three months ended June 30, a jump of nearly 48 percent year-on-year, or 179.2 percent quarter-on-quarter.
This is a historically high quarterly profit after Mirae Asset Securities acquired Daewoo Securities back in 2016 and renamed it Mirae Asset Daewoo.
“Our brilliant second-quarter performance was largely thanks to increased brokerage commissions coming from massively expanded stock trading volume. A solid increase in operating financial investment products such as domestic and overseas bonds and over-the-counter (OTC) derivatives, as well as stable growth from overseas branches also contributed,” an official from Mirae Asset Daewoo said.
The brokerage earned 58.8 billion won in profit from its overseas businesses, up 33 percent from the same period last year.
By the business divisional breakdown, brokerage commissions stood at 189.9 billion won, an increase of 32.5 percent from the previous quarter. Profits from operating various financial investment products particularly saw a huge jump of 479.2 percent from the previous quarter, as it earned 319.8 billion won from the area.
“As global stock markets rebounded, key indices also increased, while credit spread has been reduced. The firm's appropriate moves in handling financial products like local and overseas bonds, derivatives and prop trading contributed to logging of the all-time high performance in the area,” the official said.