Toss Securities posts Q3 profit, validating retail-driven earnings

 

Toss Securities turned a profit in the third quarter, driven by the growth of its international stock trading user base. The profitability achieved this quarter is due primarily to the firm's focus on its retail operations, signaling a structural improvement in its financial health.

According to Toss Securities, Wednesday, its operating profit in the third quarter of this year stood at 3.6 billion won ($2.7 million), up by 62 percent from the previous quarter, and its net income hit 3.5 billion won, up 64 percent. The numbers mark a successful turnaround from the previous quarter. The accumulated business losses this year have been reduced to 416 million won, improving performance.

Its sale in the third quarter rose to 55 billion won, marking an increase of 11.6 percent compared to the same period last year and a 17.2 percent increase from the previous quarter. Although Toss Securities recorded a revenue of only 2.4 billion won in the third quarter of its inaugural year in 2021, the figure jumped to 49.2 billion won in the same period of the following year and has now increased further to 55 billion won this year.

The improvement in performance was driven particularly by the rise in both domestic and overseas commission revenues. Bolstered by the growth in custodial assets and the number of trading users, overseas stock commission revenues surged by 193.9 percent compared to the same period last year.

Domestic stock commission revenues also proved strong growth, rising by 164 percent during the same period. Notably, despite a reduction in marketing expenses compared to the previous year, there was an increase in both trading users and assets.

Its customer base continues to show growth, now exceeding 5.6 million. Its monthly active users have surpassed 3 million won, marking an increase of more than 15 percent since the start of the year.

"In this era where the number of stock investors has reached 15 million, Toss Securities has demonstrated that the future revenue of a securities firm lies within the retail business sector," said Kim Seung-yeon, CEO of Toss Securities. "We are witnessing rapid growth as already one in five domestic stock investors is using Toss Securities. Toss Securities is committed to providing stable and reliable services that customers can trust for the safekeeping of their assets, with a continued focus on enhancing performance."