Meritz Securities Reports Q3 Net Profit of 117.7 Billion KRW... "Six Consecutive Years of Quarterly Net Profit Exceeding 100 Billion KRW"

Meritz Securities announced on the 13th that its consolidated operating profit for the third quarter of this year was 161.7 billion KRW, a decrease of 34.7% compared to the same period last year.

During the same period, sales revenue was 10.3252 trillion KRW, down 41.25% year-on-year, and net profit was 117.7 billion KRW, a decrease of 45.9%.

On a cumulative basis for the third quarter, sales revenue recorded 34.7674 trillion KRW, down 18.3% compared to the same period last year. Operating profit and net profit were 604.8 billion KRW and 479 billion KRW, respectively, down 26.6% and 27.2%.

A Meritz Securities official explained, "Due to the prolonged stagnation of the domestic real estate market and increased volatility in the financial markets, corporate finance fees and asset management income decreased," adding, "However, income from the financial balance sector improved."

By business segment, net operating income from the corporate finance sector was 38 billion KRW (on a separate basis), down 71.7% year-on-year. The trading sector recorded 39.3 billion KRW, down 45.7% compared to the previous year. The other segment recorded 110.4 billion KRW, up 37.8% year-on-year, partially offsetting the decline in earnings.

The annualized return on equity (ROE) was 10.9%, maintaining double digits for 10 consecutive years since 2014.

A Meritz Securities official stated, "As concerns about the deterioration of financial company soundness have recently expanded, we plan to build a stable profit portfolio through conservative risk management."