Mirae Asset Securities Surpasses 1 Trillion Won in Quarterly Net Profit, Up 288% Year-on-Year

First in the Securities Industry to Surpass 1 Trillion Won in Quarterly Net Profit

Mirae Asset Securities announced on May 12 that its consolidated net profit for the first quarter of this year reached 1.0019 trillion won, making it the first in the securities industry to achieve a quarterly net profit exceeding 1 trillion won.

Operating profit was 1.375 trillion won, up 297% year-on-year, and pre-tax profit was 1.3576 trillion won, an increase of 292% from the previous year. The annualized return on equity (ROE) stood at 29%, and the company's equity capital totaled 14.1 trillion won.

As the money move trend accelerated, total domestic and overseas client assets under management (AUM) at the end of the first quarter reached 660 trillion won, an increase of approximately 58 trillion won in just three months. During the same period, pension assets rose by 6.5 trillion won to 64.3 trillion won. Notably, the combined reserves for defined contribution (DC) and individual retirement pension (IRP) plans, where clients directly select the provider, totaled 36.8 trillion won as of the end of the first quarter, ranking number one across all financial sectors in terms of reserve size. As of May 10, AUM surged to 776 trillion won, a sharp increase of 174 trillion won from the end of last year, and pension assets surpassed 74 trillion won, maintaining strong growth momentum.

Overseas subsidiaries achieved record-high performance since the launch of the global business. Pre-tax profit for the first quarter was 243.2 billion won, and the annualized after-tax ROE was about 14%. In particular, the Hong Kong subsidiary posted its highest-ever quarterly pre-tax profit at 81.3 billion won, while the New York subsidiary recorded 83 billion won. The wealth management (WM) client assets in India, Vietnam, and Indonesia reached 78 trillion won as of the end of the first quarter, reflecting stable growth.

Principal investment (PI) operations restructured the portfolio focusing on innovative companies both domestically and abroad, resulting in valuation gains of approximately 804 billion won. This was attributed to significant valuation gains stemming from rising values of overseas innovative companies, including SpaceX. Additional large valuation gains are anticipated during IPOs expected by the end of the second quarter. Separately, the company secured cornerstone investment opportunities in Hong Kong-listed companies and, despite a sharp stock price decline due to the Iran war in March, recorded profits of 156 billion won in the first quarter alone.

A representative from Mirae Asset Securities stated, "Since its inception, Mirae Asset Securities has strategically reinvested capital and established a virtuous cycle, resulting in meaningful achievements in the investment sector. Moving forward, we will continue to discover quality assets and innovative investment opportunities, and, focusing on our wealth management and global investment platform businesses, evolve into a global investment specialist company that provides clients with diverse investment opportunities."