Mirae Asset Securities posted a record quarterly net profit of more than 1.9 trillion won ($1.4 billion) in the second quarter, marking its second consecutive quarter with net earnings above 1 trillion won as strong performance across brokerage, wealth management, trading and overseas operations lifted profitability.
The securities firm said Tuesday that its consolidated pretax profit reached 2.5287 trillion won in the April-June period, while net profit came to 1.9052 trillion won. The figures represent increases of 86% and 90%, respectively, from the previous quarter.
For the first half, pretax profit surged 349% year-on-year to 3.8863 trillion won, while net profit jumped 338% to 2.9072 trillion won. Equity capital stood at 16.2 trillion won at the end of June, with an annualized return on equity of 39.5% for the first half.
The company’s broad-based growth was supported by a strong domestic stock market and rising customer activity. Brokerage commission revenue rose 36% quarter-on-quarter to 625.6 billion won, while fees from financial product sales reached a record 131 billion won.
Customer assets under management also expanded sharply, reaching 784 trillion won at the end of June, up 124 trillion won in just three months. The company’s pension assets surpassed 80 trillion won, while its retirement pension assets grew by more than 60% over the past year, about 2.5 times the average growth rate of the Korean market.
Trading and other financial income more than doubled from the previous quarter to 836.9 billion won, while investment banking fees increased 65% to 42.8 billion won.
Overseas operations also made a growing contribution. Pretax profit generated by Mirae Asset Securities’ overseas subsidiaries reached a record 609.1 billion won in the second quarter, with operations in the United States, Hong Kong, London and India all contributing to the improvement. Overseas subsidiaries posted an ROE of about 24.8%, while their contribution to consolidated pretax profit increased to approximately 24%.
Analysts say the results demonstrate the company’s increasingly diversified earnings structure, although they caution that the sustainability of its record profitability will depend on how much of the gains can be generated from recurring businesses rather than market-driven trading results or investment valuation gains.
Mirae Asset Securities is also expanding its global investment platform. In June, it launched MAPS in Hong Kong, an investment platform designed to integrate traditional and digital assets. The company plans to expand the service to markets including the United States and Singapore.
It is also preparing for the institutionalization of security token offerings (STOs) in South Korea and plans to develop businesses involving the tokenization of real-world assets (RWAs), seeking to connect traditional securities with emerging digital investment opportunities.
Industry observers say the company’s record earnings highlight the benefits of its strategy to diversify beyond domestic brokerage. However, maintaining high profitability in the second half will depend on whether growth in wealth management, pensions and overseas operations can offset potential volatility in trading and investment-related earnings.
“We will continue strengthening our global investment platform competitiveness while enhancing corporate value alongside the growth of customer assets,” a Mirae Asset Securities official said.
