Mirae Asset Securities Reports KRW 520.2 Billion Pre-Tax Profit in Q2, Up 50% from Previous Quarter

Mirae Asset Securities announced on August 7 that its consolidated pre-tax profit for the second quarter of this year reached KRW 520.2 billion, and net profit was KRW 405.9 billion, representing increases of 50% and 57% respectively compared to the previous quarter.

On a half-year basis, the company achieved pre-tax profit of KRW 866.3 billion, net profit of KRW 664.1 billion, and operating profit of KRW 846.6 billion. The significant expansion in the performance of overseas subsidiaries played a major role in these results. The annualized return on equity (ROE) stood at 10.9%, and consolidated equity amounted to KRW 12.4 trillion.

Pre-tax profit from overseas subsidiaries was KRW 106.1 billion, marking the second consecutive quarter with profits exceeding KRW 100 billion. The cumulative figure for the first half was KRW 224.2 billion. As 26% of Mirae Asset Securities' total pre-tax profit in the first half was generated overseas, this demonstrates the effectiveness of its global strategy. In advanced markets such as the United States, Hong Kong, and Europe, ETF-focused business drove key results, while Mirae Asset Sharekhan in India expanded its business from brokerage-centered operations to the wealth management (WM) sector, strengthening its local presence.

In the WM division, client assets reached a record high of approximately KRW 533 trillion (KRW 453.4 trillion domestically and KRW 79.4 trillion overseas), and pension assets stood at KRW 47.3 trillion. Notably, retirement pension balances reached KRW 32.1 trillion, increasing by about KRW 3 trillion in the first half, making Mirae Asset Securities the number one among 42 retirement pension providers in terms of accumulated fund growth.

Investment-purpose assets recorded a net profit of approximately KRW 130 billion, reflecting valuation gains from positions in innovative companies. The fair value increase of assets invested in innovative companies in the United States and China was a significant contributing factor.

In the investment banking (IB) division, Mirae Asset Securities ranked first in the league table by underwriting a total of 10 IPOs in the first half.

A representative of Mirae Asset Securities stated, "Since 2007, Mirae Asset Securities has entered global markets and pursued localization strategies tailored to each country, resulting in a significant improvement in the profitability of our overseas subsidiaries. Based on our 'Client First' philosophy, we will leverage the industry's largest overseas network to provide clients with better investment opportunities."

At its earnings presentation, Mirae Asset Securities also announced its plans for the second half of the year. The company aims to implement an 'all-in-one' service that manages both traditional and digital assets on a single platform, and will introduce an innovative stock option compensation system to actively recruit outstanding tech talent with expertise in digital assets, artificial intelligence (AI), and IT.

Additionally, the company plans to launch a dedicated organization called 'WM Studio,' which will combine data-driven digital asset management with private banking (PB) services, and significantly increase the number of digital private bankers (PBs) from the current level of around 50.

In its global business, Mirae Asset Securities will actively expand its WM business in high-growth wealth management markets such as the United States, Hong Kong, and Singapore, and continue investing in technology-innovative companies in high-growth markets including the United States, China, and India.

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