Brokerages log stellar performance in Q1
[THE INVESTOR] Despite a stock market correction, Korean securities companies posted strong performances in the first quarter of the year thanks to ample market liquidity, data showed on May 11.
Mirae Asset Daewoo, one of the leading local brokerages, registered an operating income of 214.6 billion won (US$200 million) in the January-March period, up nearly 50 percent from the same period a year earlier, according to the data from the Financial Supervisory Service.
NH Investment & Securities also saw its operating income spike about 47 percent on-year to 176.3 billion won during the three-month period.
The operating income of Meritz Securities soared 38 percent to 135.1 billion won, and Kiwoom Securities chalked up an operating income of 114.2 billion won, up 45 percent from a year earlier.
In particular, Meritz Securities posted a net profit of 103.4 billion won for the last quarter, up about 28 percent from a year ago. The brokerage’s quarterly bottom line breached the 100 billion-won mark for the first time.
Analysts predicted local securities firms to continue their strong performances during the second quarter on an inflow of investment funds into the bourse.
By Song Seung-hyun and newswires (firstname.lastname@example.org)