Mirae Asset Securities posts 114.2% rise in Q3 OP

Mirae Asset Securities CI

Mirae Asset Securities reported a third-quarter 2024 operating profit of 370.8 billion won ($264 million) on Thursday, up 114.2 percent from a year ago. The result exceeded market forecasts by 43.1 percent, well above the 259.1 billion won projection.

Revenue for the July to September 2024 period rose 19.2 percent on-year to total 5.45 trillion won, while net profit surged 277.4 percent to 290.1 billion won. The stock brokerage house recorded an operating profit of 914.5 billion won, pre-tax profit of 865.8 billion won, and net profit of 661.8 billion won for 2024 to date.

Mirae Asset attributed this robust performance to its swift adaptability in both South Korean and international markets amid financial volatility, including a recent 0.5 percent cut in U.S. interest rates and the U.S. presidential election cycle. Despite these challenges, the firm maintained stable earnings across all segments in Korea and abroad.

The company’s overseas subsidiaries saw a notable rise, generating a pre-tax profit of 50.8 billion won for the quarter. In emerging markets including India and Vietnam, Mirae Asset leveraged digital platforms and localization strategies to achieve steady growth. The company’s business in advanced markets, including Hong Kong, New York, and London, reported gains in the sales and trading (S&T) sector, contributing to an overall increase in profitability, including return on equity (ROE).

Mirae Asset also reported that its pension assets surpassed 40 trillion won, while overseas stock holdings exceeded 31 trillion won, underscoring consistent growth in assets under management. Following recent changes in the retirement pension transfer system, analysts expect a boost in pension inflows to securities firms.

In the trading segment, Mirae Asset’s pre-tax profit grew 19 percent from the previous quarter to 340.7 billion won, supported by solid bond performance amid interest rate cuts in both the United States and Korea.

In investment banking, the company captured over 17 percent market share in IPO underwriting.