Mirae Asset Securities (006800) Q2 2024 earnings summary

Executive summary

• Net operating revenue reached W555.3bn and operating profit was W265.2bn on a separate basis for 2Q24, with consolidated operating profit at W273.3bn and net income at W201.2bn, showing strong sequential growth.

• For H1 2024, consolidated net income attributable to controlling interests was ₩363.4bn, up from ₩327.0bn in the same period last year.

• Total consolidated assets reached ₩139.9 trillion, with equity of ₩11.5 trillion as of June 30, 2024.

• The company maintained a strong capital base and continued to expand its global business network, with 127 consolidated subsidiaries, including 44 overseas entities.

• A new three-year shareholder return policy was announced, targeting at least 35% of adjusted net income to be returned to shareholders, including annual share buybacks and cancellations.

Financial highlights

• Net operating revenue increased to W555.3bn in 2Q24 from W545.6bn in 1Q24.

• Consolidated operating income for H1 2024 was ₩543.8bn, up from ₩438.4bn in H1 2023.

• Annualized ROE improved to 6.48%, up 0.54%p sequentially.

• EPS reached W1,318 and BPS was W25,015 as of 2Q24.

• Total assets under management (AUM) for client assets reached ₩423.4 trillion, with overseas stock assets surpassing ₩30 trillion.

Outlook and guidance

• Continued focus on global business expansion, digital innovation, and strengthening wealth management and pension businesses as future growth engines.

• Shareholder return policy for 2024–2026 targets at least 35% of adjusted net income, with a minimum annual share buyback and cancellation of 15 million common shares and 1 million preferred shares.

• The company expects continued growth in overseas business, digital platforms, and alternative investments, while maintaining robust risk management.