Kiwoom Securities (039490) Q1 2025 earnings summary

Executive summary

• Consolidated net income for Q1 2025 was KRW 235.6 billion, up 61.1% quarter-over-quarter but down 3.8% year-over-year; separate net income was KRW 230.3 billion, up 50.0% quarter-over-quarter but down 6.3% year-over-year.

• Consolidated operating income reached KRW 325.5 billion, up 80.6% quarter-over-quarter but down 3.6% year-over-year.

• Maintained leading market share in domestic stock brokerage (19.3%) and retail (29.7%) for Q1 2025.

• Total consolidated assets reached KRW 60.4 trillion as of March 31, 2025.

• Continued focus on digital transformation, risk management, and diversified business portfolio.

Financial highlights

• Consolidated revenue for Q1 2025 was KRW 3.66 trillion; separate revenue was KRW 3.35 trillion.

• Net revenue rose to KRW 455 billion, up 23.0% quarter-over-quarter and 5.5% year-over-year.

• Fee and commission income for Q1 2025 was KRW 259.3 billion (separate), up from KRW 242.6 billion in Q1 2024.

• Basic EPS (consolidated) for Q1 2025 was KRW 8,906; diluted EPS was KRW 8,099.

• Total equity attributable to owners was KRW 5.63 trillion; total liabilities KRW 54.7 trillion.

Outlook and guidance

• Strong domestic stock trading value and commission revenue suggest continued momentum in brokerage and trading segments.

• Investment banking pipeline remains active, with notable bond issuances and M&A activity.

• Targeting continued leadership in online brokerage and expansion in asset management.

• Committed to maintaining a shareholder return ratio of at least 30% through 2025.

• Ongoing digital innovation and risk management to address market volatility and regulatory changes.