Samsung Securities posted a cumulative current-period net profit of 1 trillion 291.8 billion won through the third quarter of this year. This represents a 63.1% increase compared to the same period last year, with the third-quarter results also assessed as solid.
On the 12th, Samsung Securities disclosed that it recorded a cumulative current-period net profit (consolidated basis, preliminary) of 1 trillion 291.852 billion won through the third quarter of this year. This is a 63.1% increase compared to the cumulative net profit for the same period last year (792.232 billion won).
The current-period net profit for the third quarter was 352.772 billion won, up 14.1% from the same period last year. It decreased by 27.7% compared to the second quarter of this year (488.224 billion won), when the stock market performed well.
Operating profit for the third quarter was recorded at 449 billion won, an 11.7% increase from the same period last year, while pre-tax profit rose by 16.5% to 480.4 billion won.
Samsung Securities is evaluated as having performed relatively well compared to other securities firms by maintaining solid earnings in its Wealth Management (WM) and Investment Banking (IB) divisions. Retail (individual) customer assets for the third quarter reached 578 trillion 700 billion won, a 47.1% increase from the same period last year. The number of High Net Worth (HNW) customers stood at 524,000, up 52.7% over the past year.
Fee income in the WM division also increased significantly compared to a year ago. Net fee revenue for wrap accounts was 20.1 billion won, a 75.9% increase from the same period last year. Fund sales revenue was recorded at 26.3 billion won.
Performance in the IB division was also maintained stably. It generated 18.1 billion won in revenue, including 11.4 billion won from the Equity Capital Markets (ECM), a 147.8% increase from the same period last year, and 9.5 billion won from Mergers and Acquisitions (M&A). This is interpreted as being influenced by the successful completion of the IPO of Injeenia Therapeutics and the acquisition financing deal for Cheongho Nice.
A Samsung Securities official explained, "Despite the sluggish domestic stock market and the decline in stock trading volume, we achieved relatively solid results within the industry thanks to the robust earnings of the WM division and the stable revenue contribution from the IB division."
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