Mirae Asset Securities (006800) Q3 2024 earnings summary

Executive summary

• Net operating revenue for 3Q24 increased 3% QoQ to W572.8bn, with consolidated pretax income up 29% to W356.8bn and net income up 44% to W290.1bn.

• Achieved consolidated net income of 661.8 billion KRW for the first nine months of 2024, up from 455.9 billion KRW year-over-year.

• Total consolidated assets reached 135.4 trillion KRW, with equity of 11.5 trillion KRW as of September 30, 2024.

• Segment operating profit led by Wealth Management (419.1B KRW), Sales & Trading (274.2B KRW), and Investment Banking (128.9B KRW).

• Maintained strong capital adequacy and liquidity, with a net capital ratio of 2,687.6%.

Financial highlights

• Brokerage revenue rose 2% QoQ, driven by a 19% increase in overseas stock trading.

• Investment banking revenue surged 24% QoQ, supported by leading IPO underwriting and advisory deals.

• Trading income increased 19% QoQ, benefiting from rate cuts and strong fixed income trading.

• Consolidated operating income for 9M 2024 was 914.5 billion KRW, up from 611.4 billion KRW year-over-year.

• EPS (basic and diluted) for common shares was 1,092 KRW for 9M 2024, up from 531 KRW year-over-year.

Outlook and guidance

• Continued focus on global business profitability and long-term investments in innovative assets.

• Management reaffirmed a commitment to shareholder returns, targeting a payout ratio of at least 35% of adjusted net income for 2024–2026.

• Acquisition of Sharekhan in India expected to contribute to earnings from next year.

• Ongoing expansion in high-growth markets and strengthening of global ETF business.

• Ongoing cost discipline and risk management to navigate market volatility.