[Asia Economy Reporter Lee Seon-ae] NH Investment & Securities announced on the 22nd that its preliminary consolidated earnings for the second quarter of this year amounted to sales of 2.0899 trillion KRW and an operating profit of 392.9 billion KRW. This represents an increase of 5.7% and 32.6%, respectively, compared to the same period last year. Net profit reached 270.4 billion KRW, setting a record high with a 5.1% increase from the previous quarter (257.4 billion KRW) and a 17.3% increase from the same period last year (230.5 billion KRW).
According to NH Investment & Securities, in the second quarter, the asset management division drove performance through a conservative management strategy and valuation gains on held assets amid unstable market conditions caused by rising short-term interest rates.
The Wealth Management (WM) division contributed to performance growth through the expansion of digital channel customer assets and increased revenue from financial product sales, despite a decline in market trading volume.
The Investment Banking (IB) division posted earnings by executing major deals such as the Hive rights offering and the IPO of NH SPAC No.19. Additionally, fee income was generated from deals conducted in the first quarter, including the refinancing of GeoYoung and advisory services for the sale of Kumho Resort, resulting in steady IB revenue.
A company official stated, "The preliminary results for the second quarter recorded strong performance, achieving the highest quarterly operating and net profits following the first quarter. With the second quarter also marking the highest quarterly results, the half-year performance reached a record high. It is significant that both the WM and IB divisions maintained solid results."
He added, "We plan to lead the industry based on synergies with NH Nonghyup Financial Group and proactive focus on digital business. We will concentrate on maintaining a stable and balanced business portfolio."
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