On April 30, Kiwoom Securities announced that its first-quarter sales reached 3.66 trillion won, up 38.46% compared to the same period last year. During the same period, operating profit decreased by 3.62% to 325.5 billion won, while net profit for the period also declined by 3.77% to 25.6 billion won.
The main reason for sales growth was the increase in overseas stock commission income. A representative from Kiwoom Securities explained, "Overseas stock commission income amounted to 67.4 billion won," and added, "This is a significant increase compared to 37.2 billion won in the first quarter of last year."
Domestic stock commission income was 73.7 billion won, a decrease of 17.7% compared to the same period last year. However, it increased by 12.3% compared to the previous quarter.
By business segment, in the initial public offering (IPO) sector, Erkos and SMCG were listed through a SPAC (Special Purpose Acquisition Company) merger. In the debt capital market (DCM) segment, Kiwoom Securities served as the lead manager for bond issuances totaling 4.36 trillion won. Structured and real estate project financing (PF) income also increased from 35.1 billion won in the first quarter of last year to 44 billion won in the first quarter of this year.
The decrease in operating profit was influenced by an increase in selling and administrative expenses. A Kiwoom Securities representative stated, "Selling and administrative expenses rose to 159.4 billion won in the first quarter of this year, compared to 130.3 billion won in the same period last year."
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