Mirae Asset Securities (006800) Q4 2023 earnings summary

Executive summary

• Consolidated net income for FY2023 was W337.9bn, with operating profit at W521.0bn and pretax income at W379.0bn, reflecting stable results in trading and derivatives but fair valuation losses in investment assets.

• Brokerage revenue increased 8.4% YoY, supported by a rise in domestic trading volume and global stock balance reaching W23.7tr.

• Wealth management assets grew 12.5% YoY to W182.1tr, with pension reserves surpassing W33.0tr.

• Investment banking revenue declined 35.3% YoY due to stricter risk management, despite leading the IPO market with 18 deals.

• Trading income surged 73.1% YoY, but investment asset fair valuation losses were recognized.

Financial highlights

• Separate net operating revenue was W1.48tr, with operating profit at W507.0bn.

• Dividend and distribution income rose 33.0% YoY to W346.5bn.

• Corporate loan revenue fell 6.1% YoY to W90.7bn, while margin loan net revenue increased 4.8% YoY to W206.4bn.

• Overseas subsidiaries' pretax income dropped 66.1% YoY to W48.5bn.

Outlook and guidance

• Focus remains on global business acceleration, digital innovation in wealth management, and expanding pension business as future growth engines.