Mirae Asset Global Investments Reports Q1 Operating Profit of 82 Billion KRW... "Growth of Overseas Subsidiaries Key"

[Asia Economy Reporter Minji Lee] Mirae Asset Global Investments announced on the 14th that its consolidated operating profit for the first quarter reached 82 billion KRW, a 132% increase compared to the same period last year. This marks the highest quarterly performance ever.

The significant increase in operating profit from overseas subsidiaries is seen as the main factor behind the improved results. For the first time among domestic financial companies, the overseas subsidiaries' performance surpassed that of the domestic subsidiaries. The operating profit of overseas subsidiaries was 45 billion KRW, exceeding the domestic operating profit of 41.5 billion KRW. Mirae Asset Global Investments explained, "With continuous expansion in the global market, the performance growth is expected to continue."

Net profit for the period rose 271.3% year-on-year to 222.9 billion KRW. This net profit is also the highest ever on a quarterly basis. The significant increase in net profit was influenced by the capital gains from the sale of Australian ETF manager BetaShares. Mirae Asset Global Investments acquired BetaShares in 2011. At that time, assets under management (AUM) were 120 billion KRW, but by February of this year, it exceeded 14 trillion KRW, marking more than a 100-fold growth in 10 years. Currently, the AUM of overseas subsidiaries stood at 70 trillion KRW at the end of the first quarter, a fivefold increase compared to the end of 2016.