8 out of 10 Securities Firms Achieve Record Q3 Earnings

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] At least 8 out of the top 10 domestic securities firms recorded their highest earnings in the third quarter of this year. This is analyzed to be largely due to the so-called 'Donghak Ants' who boosted the stock market after the COVID-19 panic in March.

According to the Financial Supervisory Service's electronic disclosure system (DART) on the 15th, among the top 10 securities firms (based on net capital as of the end of June), 8 companies that disclosed their third-quarter earnings as of the 13th recorded their highest-ever quarterly or third-quarter earnings. Six companies surpassed their previous highest quarterly earnings in the third quarter, and two companies posted their best third-quarter earnings ever. Two companies have not yet disclosed their results.

Kiwoom Securities posted the best results. Kiwoom Securities recorded an operating profit of 355.5 billion KRW and a net profit of 263.4 billion KRW. These are the highest quarterly earnings ever, increasing by 314.4% and 295.1% respectively compared to the third quarter of last year. NH Investment & Securities also disclosed record-high operating profit of 353.7 billion KRW and net profit of 239.6 billion KRW, up 201.3% and 197% from a year ago.

Samsung Securities posted an operating profit of 316.9 billion KRW and a net profit of 233.7 billion KRW, surpassing the previous quarterly record set in the first quarter of 2018 (operating profit 180 billion KRW, net profit 132.5 billion KRW). KB Securities, Shinhan Investment Corp., and Hana Financial Investment also doubled their earnings compared to last year, making the list of securities firms with the highest quarterly earnings.

Mirae Asset Daewoo's operating profit and net profit decreased by more than 20% compared to the record high in the second quarter, but it still posted its highest third-quarter earnings. Meritz Securities also recorded a net profit of 162.5 billion KRW, close to the record 163 billion KRW net profit in the fourth quarter of last year, achieving its highest third-quarter earnings.