Korea’s leading brokerage house Mirae Asset Securities boosted net profit by nearly 170 percent and saw its net capital rising to the highest figure among local peers, as its overseas business gained traction last year.

On a consolidated basis, Mirae Asset recorded a pretax profit of 1.18 trillion won ($815 million) in 2024, up 217 percent from a year earlier. Its net profit jumped 168 percent on-year to 893.7 billion won. Net capital grew to 12.2 trillion won, adding some 1 trillion won from its record logged a year prior.

“Mirae Asset Securities will achieve continuous growth through recurring profits generated from diversified domestic businesses and strengthening global business and AI competitiveness,” the firm said in a statement.

The firm attributed the strong financial results to a significant improvement in recurring profit centered on the wealth management and trading divisions, including brokerage activities.

Sone 340 billion won in nonrecurring profits, including foreign exchange gains generated in the process of reallocating capital to overseas corporations to expand business in India, also contributed to the robust 2024 earnings.

Overseas subsidiaries logged significantly improved performances. Their pretax profit rose by 243 percent on-year to 161.1 billion won. Mirae Asset’s US unit reported a pretax profit of 94.5 billion, the most since its inception in 2008.

By Park Han-na (hnpark@heraldcorp.com)