Mirae Asset Global Investments Reports Q3 Cumulative Net Profit of 453.2 Billion KRW... "Accelerated Growth of Overseas Subsidiaries"
[Asia Economy Reporter Minji Lee] Mirae Asset Global Investments announced on the 15th that it recorded the highest cumulative performance ever for the third quarter.
Mirae Asset Global Investments' consolidated operating profit for the cumulative third quarter was 314.2 billion KRW, and net profit was 453.2 billion KRW. Compared to last year, operating profit increased by 45.8%, and net profit grew by 39%, achieving the highest cumulative third-quarter results in history.
By division, both domestic and overseas subsidiaries showed steady growth. The domestic subsidiary recorded an operating profit of 177.1 billion KRW and a net profit of 243.7 billion KRW, growing 87% and 12% respectively compared to the same period last year. This was largely due to an increase of over 10 trillion KRW in assets under custody, mainly driven by ETFs and TDFs (Target Date Funds) this year. As of the end of the third quarter, the domestic subsidiary's net assets reached 158 trillion KRW.
The overseas subsidiaries showed high profitability on a cumulative third-quarter basis. Operating profit was 243.7 billion KRW, and net profit was 265.1 billion KRW, increasing 85% and 413% respectively compared to one year ago. A company official explained, "Global X's assets under management (AUM) increased by more than 20 trillion KRW through the third quarter of this year," adding, "The total AUM of overseas subsidiaries grew rapidly from 13.98 trillion KRW at the end of 2016 to 90.6028 trillion KRW at the end of the third quarter this year, about 6.5 times growth."
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Looking at the assets under custody of overseas subsidiaries (United States, Canada, India, Hong Kong, Australia, others), the U.S. subsidiary showed significant growth. At the end of 2016, its assets under management were 404 billion KRW, the smallest among all subsidiaries, but by the third quarter of this year, it grew to 4.75558 trillion KRW, making it the largest in assets under custody among overseas subsidiaries. This was followed by Canada (1.75046 trillion KRW), India (1.56613 trillion KRW), and Hong Kong (85.6 billion KRW) in order.
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