Mirae Asset Securities Reports Q2 Operating Profit of 156.7 Billion KRW... Half of Last Year's Earnings

Mirae Asset Securities announced on the 10th that it recorded an operating profit of 156.7 billion KRW (consolidated basis) in the second quarter. This amount is less than half of that of the same period last year.

On the same day, Mirae Asset Securities released these preliminary results through the Financial Supervisory Service's electronic disclosure system. The pre-tax net profit for the second quarter was 172.3 billion KRW, a sharp decline of 51.8% compared to the previous year. Net profit for the period was 140.9 billion KRW, down 47% over the same period. The prolonged high-interest-rate environment and generally sluggish stock market are believed to have led to a contraction in performance due to investment asset valuation losses and provisions related to real estate project financing (PF).

On a cumulative basis for the first half of the year, pre-tax net profit was 466.9 billion KRW and operating profit was 438.4 billion KRW. Both figures represent a decrease of about 27% compared to the first half of last year.

However, Mirae Asset Securities emphasized that its equity capital reached 11.31 trillion KRW in the first half of the year, and total customer deposits amounted to 402.5 trillion KRW, maintaining its position as the largest securities firm in South Korea.

Additionally, Mirae Asset Securities stated that its overseas subsidiaries recorded a cumulative pre-tax net profit of 63.4 billion KRW in the first half of the year, and it expects to achieve the "annual overseas subsidiary profit exceeding 100 billion KRW" milestone again this year, continuing since 2018.

A representative from Mirae Asset Securities said, "We will continue to do our best to ensure that our overseas expansion and differentiated investment strategies, based on our capital strength, are well reflected in our profit performance."

This content was produced with the assistance of AI translation services.