Kiwoom Securities (039490) Q3 2025 earnings summary

Executive summary

• Net income on a consolidated basis was KRW 868.1 billion for 3Q 2025, up 26.1% year-over-year, with operating income at KRW 1,142.6 billion, reflecting strong growth across retail, S&T, IB, and investment management segments.

• Net revenue for 3Q25 reached KRW 519 billion, up 30.4% year-over-year but down 3.4% sequentially from 2Q25.

• Maintained leading market share in domestic online brokerage, with 18.5% overall and 28.5% retail share, supported by robust domestic and U.S. trading.

• Subsidiaries in savings banks, asset management, capital, NPL, and venture capital showed stable or improving results.

• Growth in domestic and U.S. markets drove brokerage commission revenue up 6.8% quarter-over-quarter and 23.7% year-over-year.

Financial highlights

• Consolidated revenue for 3Q 2025 reached KRW 11,535.5 billion, up from KRW 9,544.8 billion in 3Q 2023.

• Operating income (consolidated) was KRW 1,142.6 billion, up 24.5% year-over-year.

• Interest income rose 14.7% quarter-over-quarter and 26.7% year-over-year, supported by higher retail loan and deposit balances.

• S&T/PI income declined 39.3% quarter-over-quarter but increased 22.8% year-over-year.

• G&A expenses decreased 2.9% sequentially but increased 14.5% year-over-year.

Outlook and guidance

• Aims to maintain No.1 market share in domestic online brokerage and expand integrated financial investment platform.

• Brokerage and investment banking segments are expected to benefit from continued market activity and deal flow.

• Strategic focus on digital transformation, risk management, and cost efficiency to support long-term growth.

• Plans continued capital return to shareholders, including share buybacks and dividend policy targeting 30% payout ratio.