Hyundai Motor Securities announced on the 23rd that its consolidated operating profit for the third quarter increased by 22.2% year-on-year to 14.6 billion KRW, and net profit for the same period rose by 13.9% to 10.7 billion KRW.
By division, the Corporate Finance (IB) sector achieved net operating revenue that increased by 96% compared to the same period last year, despite the prolonged downturn in the real estate market. The strategy to diversify the alternative investment portfolio, including projects such as the Incheon Dohwa-dong Data Center development and the Gwansudong office development, proved effective, and stable profits were secured through the expansion of financial underwriting deals. The Retail division also showed favorable results due to increased transaction volume and strengthened VIP customer management.
The structural improvement strategy, which has been a key focus this year, also began to reflect in the performance. In the first half of this year alone, 16.4 billion KRW was set aside as provisions for real estate project financing (PF), continuing the proactive provisioning trend over the past three years, thereby reducing the burden of additional provisions.
A Hyundai Motor Securities official stated, “The corporate structural improvement efforts we have been focusing on this year have shown results, leading to a rebound in performance,” and added, “We will prepare for an uncertain business environment through continuous strengthening of internal controls and risk management, and aim for a new leap forward by diversifying our revenue structure.”
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