Mirae Asset Securities Achieves Cumulative Operating Profit of 914.5 Billion KRW This Year

Mirae Asset Securities announced on the 7th that it achieved a cumulative operating profit of 914.5 billion KRW, a pre-tax profit of 865.8 billion KRW, and a net profit of 661.8 billion KRW on a consolidated basis for 2024. For the third quarter alone, operating profit was 370.8 billion KRW, pre-tax profit was 356.8 billion KRW, and net profit was 290.1 billion KRW.

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Mirae Asset Securities explained, "Despite variables that could amplify volatility in the financial markets, such as the U.S. Federal Reserve's (Fed) interest rate cuts and the U.S. presidential election, we quickly responded to changes in the domestic and international environment and generated stable profits across all domestic and overseas business divisions."

In particular, overseas subsidiaries recorded a pre-tax profit of 50.8 billion KRW in the third quarter, achieving a cumulative pre-tax profit of 110.8 billion KRW this year. In emerging markets such as India and Vietnam, stable performance was demonstrated based on localization and digital platforms, while in developed countries such as Hong Kong, New York, and London, stable and balanced global business is expected to gain momentum in improving overall profitability, including return on equity (ROE), driven by growth in the sales and trading (S&T) business.

As of August, Mirae Asset Securities' India subsidiary rapidly grew to rank 9th among online securities firms and 15th among all securities firms, surpassing 2 million retail accounts in October. Upon completion of the acquisition of local securities firm Sharekhan by the end of the year, it aims to become a comprehensive securities firm with approximately 5 million retail accounts and target a leap to the top 5 in India within five years. Additionally, Mirae Asset Group plans to establish an artificial intelligence (AI) algorithm investment firm, WealthSpot, in New York in November. Mirae Asset Securities will actively collaborate with WealthSpot to expand AI-driven management and asset allocation capabilities and continuously strive to reduce customer fees in the future.

The steady external growth of pension and overseas stock balances was also notable. Pension assets surpassed 40 trillion KRW, and overseas stock balances exceeded 31 trillion KRW, reaffirming its status as the largest securities firm in Korea.

The trading division recorded net operating income of 340.7 billion KRW, a 19% increase from the previous quarter, based on favorable bond performance following interest rate cuts in the U.S. and Korea. The investment banking (IB) division holds more than a 17% market share in initial public offering (IPO) underwriting, demonstrating its strength as an IPO leader.

A representative from Mirae Asset Securities stated, "Based on recurring income generated from diversified domestic business divisions and the acquisition of global business and AI competitiveness poised for the next step, we will continue to enhance corporate value and achieve sustainable growth."

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