Mirae Asset Securities (006800) Q4 2024 earnings summary

Executive summary

• Consolidated pre-tax income reached KRW 1,184.5 billion (W1.22tn) and net income KRW 893.7 billion (W925.5bn), up 217% and 168–178% year-over-year, respectively.

• Consolidated equity capital increased by KRW 1 trillion to KRW 12.2 trillion (W12.1tn) at year-end 2024.

• Overseas stock brokerage revenue now accounts for over 50% of brokerage revenue in 4Q24, with total brokerage revenue up 28% year-over-year.

• Non-recurring gains included KRW 340 billion (W130bn FX gain from HK subsidiary capital reduction and W210bn from Yeouido HQ sale).

• Key 2025 strategies focus on global wealth management, pension, AI competitiveness, and shareholder value enhancement.

Financial highlights

• Net operating revenue increased 39.9% year-over-year to W2.07tn.

• Brokerage revenue rose 28% year-over-year, driven by overseas stock commission growth.

• Valuation losses from investment assets fell 36% year-over-year, supporting profit improvement.

• Overseas subsidiaries' annual pre-tax income up 243% year-over-year to KRW 166.1 billion (W166.1bn).

• U.S. subsidiary posted record earnings of KRW 94.5 billion (EBT W94.5bn).

Outlook and guidance

• Targeting annual ROE above 10% for 2025, despite market and political uncertainties.

• 2025 priorities include enhancing global business profitability, strengthening AI competitiveness, and increasing shareholder returns.

• Expecting stable or improved bond investment gains with anticipated interest rate cuts.

• Shareholder return policy aims for over 35% returns and cumulative cancellation of 100 million shares by 2030.