Mirae Asset posts over 1 trillion won in net profit for second straight quarter in industry first
Net profit rose 90.2 percent compared to the first three months of the year, while the firm came in third in terms of net profit in the first half of the year.
Headquarters of Mirae Asset Securities in central SeoulNEWS1
Mirae Asset Securities became the first Korean brokerage to post more than 1 trillion won ($700 million) in quarterly net profit for two consecutive quarters. Its second quarter earnings surpassed all major financial groups except KB Financial.
The brokerage posted consolidated net profit of 1.91 trillion won in the April-to-June period, up 369.4 percent from a year earlier, the company said Wednesday. Pretax profit surged 386.1 percent on year to 2.53 trillion won.
The result marked the second consecutive quarter that Mirae Asset’s net profit exceeded 1 trillion won, after it became the first Korean brokerage to reach the threshold in the first quarter. Compared with the previous quarter, net profit rose 90.2 percent, while pretax profit increased 86.3 percent.
Mirae Asset's second quarter net profit came close to KB Financial’s 1.99 trillion won.It exceeded Shinhan Financial’s second quarter net profit of 1.82 trillion won as well as those of other major financial groups.
For the first half, Mirae Asset's net profit surged 338 percent on year to 2.91 trillion won, while pretax profit jumped 349 percent to 3.89 trillion won. That put Mirae Asset's net profit in the first half at third among major financial groups, behind KB Financial's 3.88 trillion won and Shinhan Financial's 3.44 trillion won. It came ahead of Hana Financial Group's 2.42 trillion won, NongHyup Financial Group's 1.78 trillion won and Woori Financial Group's 1.61 trillion won.
Increased trading amid a buoyant stock market supported the earnings growth. Brokerage commission revenue rose 36 percent from the previous quarter to 625.6 billion won in the second quarter. Commission revenue from financial product sales reached a record 131 billion won, up from 112.5 billion won in the first quarter.
Mirae Asset Group's headquarters in Jung District, central Seoul, is seen in this file photoJOONGANG ILBO
The brokerage’s pension business also continued to expand. Pension assets surpassed 80 trillion won as of the end of June, while retirement pension assets increased by more than 60 percent over the past year.
Mirae Asset plans to expand its global operations as another growth engine. MAPS, its global investment platform launched in Hong Kong in June, is set to expand into major markets including the United States and Singapore.
The brokerage is also developing an inbound distribution platform that would allow overseas investors to directly invest in Korean stocks and Mirae Asset exchange-traded funds. It is also preparing digital financial infrastructure for real-world asset tokenization and security tokens.
“Mirae Asset Securities’ unwavering principle is that the company’s sustainable growth and corporate value go hand in hand with the growth of our clients’ assets,” a company official said. “We will continue to strengthen long-term trust with our clients and develop into a global investment platform that contributes to their successful asset management.”
BY JANG SEO-YUN [kim.hayoon1@joongang.co.kr]
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
