Samsung Securities Posts Q3 Net Profit of 309.2 Billion Won, Up 29% Year-on-Year

Samsung Securities announced on November 11 that its net profit for the third quarter reached 309.2 billion won, up 28.65% from the same period last year. During the same period, operating profit rose by 23.97% to 401.8 billion won, and pre-tax profit increased by 27.77% to 412.2 billion won. However, revenue declined by 1.54% to 2.725 trillion won.

The Wealth Management (WM) division saw stable inflows of funds due to a strong stock market, resulting in an increase in both the number of high-net-worth clients and the scale of assets. Compared to the previous quarter, the number of retail clients with more than 100 million won increased by 37,000. In addition, total retail client assets grew by 3.74 trillion won.

The investment banking (IB) division delivered strong results, mainly driven by structured finance. Underwriting and advisory fees, centered on structured finance, rose by 35.5% from the previous quarter to 99.4 billion won. Furthermore, the company secured initial public offering (IPO) deals for companies such as K Bank and MyRealTrip in the third quarter, raising expectations for increased related fee income going forward.

Samsung Securities' cumulative operating profit for the third quarter was 1.0451 trillion won, up 5.04%. During the same period, revenue increased by 10.47% to 10.5629 trillion won. Pre-tax profit and net profit were 1.0603 trillion won and 792.2 billion won, up 5.66% and 5.44%, respectively.