NH Investment & Securities Reports Q1 Operating Profit of 161.8 Billion KRW, Down 57% YoY (Comprehensive)

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[Asia Economy Reporter Moon Hyewon]NH Investment & Securities announced on the 21st that its consolidated operating profit for the first quarter of this year was tentatively estimated at 161.8 billion KRW, a 56.8% decrease compared to the same period last year.

Operating profit decreased by 30.8% compared to the previous quarter.

Sales increased by 0.5% compared to the same period last year, reaching 3.9607 trillion KRW. Net profit fell by 60.3% to 102.3 billion KRW.

Although profitability deteriorated due to the worsening domestic and international investment environment, the company places significance on surpassing 100 billion KRW in net profit for five consecutive quarters.

Despite sluggish domestic stock performance, the overseas stock sector maintained an upward earnings trend along with asset growth, and fund inflows centered on funds led to fee income driving the wealth management (WM) division's performance. The company also explained that the corporate finance (IB) division delivered solid results by executing acquisition financing and project financing (PF) deals.

NH Investment & Securities stated, "Operating profit declined due to the worsening domestic and international investment environment caused by geopolitical issues and interest rate hikes; however, despite the challenging financial market conditions, we achieved net profit exceeding 100 billion KRW for five consecutive quarters."

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