Increase of 5,000 Customers with Over 100 Million Won in Entrusted Assets
Samsung Securities posted operating results in the second quarter that increased by 69% compared to the previous quarter, driven by the growth in high-net-worth clients.
Samsung Securities announced on the 8th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 339.2 billion KRW, a 69.22% increase compared to the same period last year. During the same period, sales increased by 13.28% to 3.0712 trillion KRW, and net profit was recorded at 257.9 billion KRW, up 70.15% from the previous year.
The operating profit for the first half of the year, combining the first and second quarters, was tentatively estimated at 670.8 billion KRW, a 23.7% increase compared to the same period last year, and net profit rose 26.4% to 511 billion KRW. The annualized return on equity (ROE) based on the first half was 15.1%.
Samsung Securities evaluated, "The Wealth Management (WM) division continued to grow steadily, maintaining its leading position in the asset management industry, while the Investment Banking (IB) division drove strong performance through securing large deals."
The number of clients with entrusted assets of 100 million KRW or more increased from 260,000 to 265,000 compared to the previous quarter, and the asset size of clients with 100 million KRW or more grew from 313.9 trillion KRW to 319.7 trillion KRW. Revenue from financial product sales rose 11.4% from the previous quarter to 50.6 billion KRW.
The IB division showed a 25% increase compared to the previous quarter, based on performance in structured finance, initial public offerings (IPO), and acquisition financing.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
