Hanwha Investment & Securities Reports Operating Profit of 13.6 Billion KRW in Q2, Returns to Profitability
Hanwha Investment & Securities succeeded in turning a profit in the second quarter of this year.
On the 31st, Hanwha Investment & Securities announced that its operating profit for the second quarter was 13.6 billion KRW, marking a turnaround to profit compared to the same period last year. Net profit also turned positive, reaching 8.95 billion KRW compared to the same period last year.
The operating profit for the first half of this year was 54.75 billion KRW, an increase of 31.7% compared to the same period last year, and net profit rose by 78.7% to 36.91 billion KRW.
Hanwha Investment & Securities explained, "The Wealth Management (WM) division saw an increase in commission income due to higher stock trading volumes and is responding to the market by expanding sales of interest rate products. Additionally, with an increase in non-face-to-face asset acquisition, individual customer assets have grown net."
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The Trading division saw a significant increase in profits compared to the same period last year as the operating environment improved due to the rise in global stock markets. The Investment Banking (IB) division's performance improved with the underwriting of the IPOs of TMC and Hanwha REITs, but profits decreased due to some delays in new deals caused by sluggish conditions in the real estate project financing (PF) sector.
A Hanwha Investment & Securities official stated, "In the second half, the WM division plans to expand its effective customer base through partnership projects such as Toss Bank and by strengthening digital services, while the Trading division aims to minimize volatility in profit and loss from bond and equity-linked securities (ELS) self-hedging operations. The IB division will continue to strengthen risk management for real estate PF and enhance the corporate finance sector through leading IPO underwriting and participation in underwriting syndicates."
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