Mirae Asset Securities Reports Operating Profit of 511 Billion KRW Last Year, Down 39% YoY

Mirae Asset Securities announced on the 6th that it recorded consolidated sales of KRW 20,953.2 billion and operating profit of KRW 511 billion last year. Sales increased by 9.4% compared to the previous year, but operating profit decreased by 38.8%. Net profit for the period was KRW 298 billion, down 57.8% from the previous year.

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Regarding these results, Mirae Asset Securities explained that they were due to the reflection of provisions and valuation losses. A representative from Mirae Asset Securities stated, "We have been reflecting gains and losses from fair value evaluations of key investment assets such as domestic project financing (PF) and global alternative investment assets, and this time as well, provisions and valuation losses were reflected. We expect profitability to improve as the value of assets with valuation losses recovers once the operating environment stabilizes with interest rate normalization," he said.

Despite the challenging market environment caused by steep interest rate hikes last year, the Wealth Management (WM) and Sales & Trading (S&T) divisions showed stable performance. A Mirae Asset Securities representative explained, "WM recorded total customer deposits of KRW 412.1 trillion, including pension assets surpassing KRW 33 trillion and overseas stock balances of KRW 23.7 trillion (industry No. 1), and operating profits from S&T and others increased by approximately KRW 330.1 billion compared to the previous year, solidifying our position as the largest securities firm in Korea."

Mirae Asset Securities plans to continue an active shareholder return policy to protect shareholder rights. A representative said, "We are purchasing 10 million treasury shares following the announcement last month to keep our promise to shareholders, and we also plan to cancel treasury shares and pay dividends. We will announce a more aggressive shareholder return policy to be applied over the next three years starting this year," he added.

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