Meritz Securities "Maintaining Industry No.1 Operating Profit in 2023"

Net profit reaches 590 billion KRW, ranking 2nd in the industry

Meritz Securities announced on the 22nd that its consolidated operating profit and net profit for 2023 reached 881.3 billion KRW and 590 billion KRW, respectively. It ranked first in operating profit in the securities industry for two consecutive years and placed second in net profit.

They explained that by minimizing losses through pre-risk management such as Contracts for Difference (CFD) and Real Estate Project Financing (PF), they achieved solid results across various sectors including trading, financial income and expenses, and retail.

Operating profit and net profit for the fourth quarter of the year were 276.5 billion KRW and 111 billion KRW, respectively. From the first quarter of 2018 to the fourth quarter of 2023, they recorded net profits exceeding 100 billion KRW every quarter for six years.

At the end of the fourth quarter last year, shareholders' equity stood at 6.0984 trillion KRW, an increase of 406.5 billion KRW compared to the previous year. The consolidated annualized Return on Equity (ROE) reached 10.0%. Along with the growth in equity, they maintained a double-digit ROE for 10 consecutive years since 2014, boasting the highest level of profitability in the industry.

Meritz Securities stated, "In a situation where the real estate market downturn that began at the end of 2022 continues, we plan to apply strict risk management, approach new deals more conservatively than before, and focus on business diversification."

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