Mirae Asset Securities Reports 346.1 Billion Won Pre-Tax Profit in Q1, Up 50% Year-on-Year

Mirae Asset Securities announced on May 8 that its consolidated pre-tax profit for the first quarter of this year reached 346.1 billion won, marking an increase of approximately 50% compared to the same period last year.

Yonhap News Agency

On a consolidated basis, net profit for the period was 258.2 billion won, shareholders' equity stood at 12.2 trillion won, and the annualized return on equity (ROE) was 8.5%.

In particular, overseas subsidiaries achieved record-high quarterly pre-tax profit of 119.6 billion won. This was largely driven by improved performance in developed markets, as well as a rise in the valuation of proprietary investment (PI) positions in artificial intelligence (AI) and innovative companies. In addition, country-specific strategies led to successful sales of financial products (WM) and effective trading strategies.

Brokerage commissions from overseas equities and WM fee income also reached record quarterly highs, at 101.2 billion won and 78.4 billion won, respectively. The company explained that, despite volatility in global markets, it was able to achieve stable profits through global asset allocation.

Pension assets under management continued to grow, reaching 44.4 trillion won. The increase in retirement pension reserves in the first quarter was about 1.3 trillion won, ranking first across all industry sectors. This represents approximately 23% of the 42 retirement pension providers.

Trading performance was also strong, with profits of 325.7 billion won based on a prudent management strategy. The investment banking (IB) division reflected gains from the sale of its stake in LX Pantos, which was acquired in 2018, and expanded its market influence by managing a total of eight initial public offerings (IPOs), including LG CNS and Seoul Guarantee Insurance.

A representative from Mirae Asset Securities stated, "Mirae Asset Securities possesses global-level competitiveness in high-growth businesses such as global, pension, and overseas equities. Our ability to manage risk and generate stable profits in highly volatile markets also sets us apart. We will continue to strive for sustainable growth to enhance the profitability of our clients' assets."

Last year, Mirae Asset Securities announced a plan to enhance corporate value by retiring more than 100 million shares by 2030. To provide greater clarity in shareholder returns, the company has been simultaneously retiring shares when repurchasing treasury stock since August.