Mirae Asset Securities posts 114% spike in operating profit in Q3

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Mirae Asset Securities posts 114% spike in operating profit in Q3

Published: 07 Nov. 2024, 18:38

SHIN HA-NEE
shin.hanee@joongang.co.kr

Mirae Asset Securities' headquarters building in Jung district, central Seoul [MIRAE ASSET SECURITIES]

Mirae Asset Securities posted a robust 114.2 percent on-year jump in operating profit to 370.8 billion won ($266 million) for the third quarter despite persisting macroeconomic uncertainties, mainly driven by the growth in its overseas operations.

The figure far exceeded the market expectation of 261.8 billion won compiled by market tracker FnGuide.

This brings the cumulative operating profit this year to 914.5 billion won, up 49.6 percent from the same period last year.

Its quarterly net profit surged 277.4 percent to 290.1 billion won, also beating the expectation of 274.5 billion won.

Net income before tax jumped 453.4 percent to 356.8 billion won, totaling 865.8 billion won so far this year.

Mirae Asset Securities attributed the upbeat earnings to strong growth in its global business, as its overseas subsidiaries logged a quarterly net income before tax of 50.8 billion won in the third quarter, bringing this year’s total to 110.8 billion won.

Mirae Asset's Indian operation ranked ninth among online securities firms and 15th among all securities firms in the country in August, with an aim to reach the top five within the next five years.

The firm also plans to launch WealthSpot, a U.S. subsidiary dedicated to AI trading, in New York this month.

“We aim to continue the growth and enhance corporate value based on the ordinary profit generated from our diversified domestic portfolio, as well as the global business — which is set to take another leap forward — and the competitiveness of AI,” said a Mirae Asset Securities spokesperson in a release.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]