Mirae Asset Securities Reports Net Profit of 893.7 Billion KRW Last Year, Up 168% Year-on-Year

Mirae Asset Securities announced on the 7th that it recorded a pre-tax profit of 1.1845 trillion KRW and a net profit of 893.7 billion KRW in 2024, representing increases of 217% and 168% respectively compared to the previous year.

Its equity capital also reached 12.2 trillion KRW, increasing by about 1 trillion KRW within a year after surpassing 11 trillion KRW in 2023, accelerating its leap toward becoming a global investment bank (IB) based on the largest equity capital scale in the industry.

The significant improvement in recurring profit centered on asset management (WM) including brokerage and trading divisions, as well as the reflection of approximately 340 billion KRW in non-recurring gains such as foreign exchange gains arising from the capital reallocation process of overseas subsidiaries to expand the India business, contributed to the increase in performance.

In particular, the performance improvement of overseas subsidiaries stood out. They recorded a pre-tax profit of 166.1 billion KRW, a 243% increase compared to the previous year, and the U.S. subsidiary achieved its highest-ever pre-tax profit of 94.5 billion KRW since its establishment. The U.S. subsidiary is the only domestic entity holding a local clearing license, providing stable U.S. stock brokerage services. It is currently strengthening its capabilities by successfully completing system connections with major local exchanges such as the New York Stock Exchange and NASDAQ.

Last year, Mirae Asset Securities completed the acquisition of Sharekhan, a comprehensive securities firm in India, laying the foundation to expand market dominance within India based on a comprehensive securities firm license. From this year, revenue growth is expected following the launch of Mirae Asset Sharekhan.

Pension assets and overseas stocks both exceeded 40 trillion KRW. Pension assets reached 42.7 trillion KRW, driven by the full-scale 'money move' phenomenon based on the retirement pension physical transfer system introduced in October last year. This achievement marked a pension triple crown with individual pensions, defined contribution (DC), and individual retirement pensions (IRP) each surpassing 10 trillion KRW.

The overseas stock balance surpassed 40 trillion KRW for the first time in the industry as the contribution of overseas stocks increased, maintaining steady growth in the brokerage division by focusing on improving customer returns and increasing global assets.

The trading division achieved stable bond operation profits despite volatile market conditions, and the flow trading and derivatives operation business results also increased compared to the previous year, with total trading operating profit rising 34% year-on-year to 1.1262 trillion KRW.

The IB division continues to maintain market dominance through project financing (PF) advisory and underwriting for projects such as the Seongsu-dong K-Project office building construction and Seoul Sewoon District office, as well as underwriting 15 initial public offerings (IPOs) including Sanil Electric and Clobot, with a focus on risk management.

A representative of Mirae Asset Securities stated, “We will achieve continuous growth through recurring income generated from diversified domestic business divisions and by strengthening global business and artificial intelligence (AI) competitiveness as the next step. All employees will strive to provide the best asset management services for customers and enhance corporate value.”