Kiwoom Securities (039490) Q3 2024 earnings summary

Executive summary

• Net income for 3Q24 rose 10.0% year-over-year to KRW 209 billion on a separate basis, and 3.7% to KRW 212 billion on a consolidated basis.

• Operating income increased 2.5% year-over-year to KRW 259 billion, but declined 2.3% sequentially.

• Brokerage commission revenue remained stable, while investment banking commission revenue more than doubled year-over-year.

Financial highlights

• Net revenue grew 9.3% year-over-year to KRW 398 billion, but fell 1.9% sequentially.

• Trading income surged 274.0% year-over-year to KRW 60 billion.

• Interest income declined 17.9% year-over-year to KRW 159 billion.

• G&A expenses increased 24.8% year-over-year to KRW 139 billion.

Outlook and guidance

• Selective financing for high-quality project sites continues in investment banking.