Kiwoom Securities (039490) Q4 2024 earnings summary

Executive summary

• Net income for 4Q24 reached KRW 154bn on a separate basis and KRW 146bn on a consolidated basis, rebounding from a loss in 4Q23.

• Full-year 2024 net income surged 140.9% YoY to KRW 815bn (separate) and 89.4% YoY to KRW 835bn (consolidated).

• Overseas stock commission revenue exceeded domestic for the first time, driven by a 32.6% QoQ increase in overseas transactions.

Financial highlights

• Net revenue for 4Q24 was KRW 370bn, down 7.0% QoQ but up significantly YoY; full-year net revenue rose 74.4% YoY.

• Operating income for 4Q24 was KRW 200bn (separate), down 22.9% QoQ; full-year operating income more than doubled YoY.

• Brokerage commission revenue grew 5.7% QoQ and 28.2% YoY in 4Q24.

• Investment banking commission revenue increased 154.9% YoY in 4Q24, supported by major M&A deals.

• Interest income rose 13.1% QoQ in 4Q24, mainly from bond interest.

• Trading income fell 32.3% QoQ but was up 107.5% YoY in 4Q24.

Outlook and guidance

• 2025 initiatives include a second Value-Up Plan disclosure, Mega-IB license acquisition, and global business expansion with a Singapore hedge fund and a planned US subsidiary.