NH Investment & Securities (005940) Q3 2026 earnings summary

Executive summary

• 3Q26 operating income was W521.101bn, pre-tax income W500.8bn and net income W383.644bn; ROE was 14.0%.

• 9M 2026 operating income was KRW1,839,034m and net income KRW1,348,768m, up from KRW1,002,315m and KRW748,144m a year earlier.

• Brokerage and investment gains supported 9M growth, while IB fees fell YoY and brokerage and trading-related income weakened QoQ in 3Q.

Financial highlights

• 3Q26 consolidated operating revenue was W6,779.3bn and operating expenses W6,258.2bn; operating income was W521.1bn versus W681.2bn in 2Q26.

• 3Q26 pre-tax income was W500.8bn versus W663.0bn in 2Q26; net income was W383.644bn versus W489.4bn.

• 9M net fee and commission income was KRW1,585,919m, net interest income KRW767,466m and fair-value financial instrument gains KRW622,527m.

• 9M pretax income was KRW1,813,828m, tax expense KRW465,060m and net income attributable to owners KRW1,348,868m.

• 9M basic and diluted EPS were KRW3,525, up from KRW2,130; adjusted profit after regulatory credit-loss reserve was KRW1,315,931m.

Segment performance

• 3Q brokerage commission income fell 48.1% QoQ to W231.4bn; domestic stock brokerage commission revenue was W200.4bn, down 48.7%.

• Foreign stock brokerage commission revenue fell 40.2% QoQ to W51.3bn; domestic market share was 11.6%, up 0.2 percentage points QoQ.

• Financial product sales commission declined 43.6% QoQ to W43.3bn after 2Q target-conversion wrap-account sales; wrap management fees fell 62.6% to W17.8bn.

• 3Q IB commissions were W102.3bn, down 5.5% QoQ; debt obligation guarantees generated W87.1bn, underwriting W10.0bn and M&A advisory W5.1bn.

• 9M brokerage fees rose 141.5% YoY to KRW1,026.4bn; IB fees fell 8.7% to KRW307.8bn, while trading gains and related interest income rose 41.0% to KRW1,150.9bn.