Value context and insight. lkm@koreatimes.co.kr
Yuanta Securities Korea makes strong comeback in 2018
By Lee Kyung-min
By Lee Kyung-min
Yuanta Securities Korea has been in the spotlight after posting its largest earnings in 10 years on the back of a balanced business portfolio.
The brokerage house posted a net income of 104.7 billion won ($92 million) in 2018, the most since the firm changed its name from Tongyang Securities in October 2014.
The figure is a 48 percent increase from the previous year's 70.7 billion won.
The growth pace is the fastest among those with over 1 trillion won in their own capital.
It is also comparable to that in 2009 when its predecessor Tongyang logged a record-high net income of 182 billion won when the firm's performance was at its peak.
A balanced business portfolio with equally divided priority on retail, investment banking, and sales and trading helped generate profit, the firm said.
“Our retail businesses continued tight management in 66 branches nationwide providing customers with timely investment consultation, mostly concerning market sentiment and prospect of market fluctuation including volatility and other external shocks,” a Yuanta Securities official said.
“Customer-friendly trading platforms with regularly updated content including a home trading service and mobile services also played a vital role in meeting their needs. The system drew positive customer feedback,” he added.
Tongyang Securities was acquired by Taiwanese brokerage Yuanta in 2014 after the firm suffered a net loss of 169.5 billion won in 2014 in the wake of the so-called Tongyang fiasco caused by the fraudulent sale of corporate bonds or commercial papers of the group's cash-strapped loss-making affiliates to individual investors.