NH Investment & Securities (005940) Q4 2024 earnings summary

Executive summary

• Net operating revenue (NOR) for 4Q24 was W453.0bn, nearly flat sequentially but up 19.9% year-over-year, with full-year NOR at W2,012.0bn, a 19.9% increase from 2023.

• Net income for 4Q24 was W110.0bn, down from W154.0bn in 3Q24, but full-year net income rose to W686.6bn, up 24.2% year-over-year.

Financial highlights

• Operating revenue for 4Q24 was W3,619.7bn, up from W2,959.8bn in 4Q23.

• Operating income for 4Q24 was W285.8bn, up 17.9% year-over-year.

• ROE for 4Q24 was 5.5%, with full-year ROE at 8.7%, up from 7.5% in 2023.

• Shareholders’ equity increased to W8,119.4bn at year-end 2024.

Outlook and guidance

• Management highlighted robust growth in brokerage and investment banking, with expectations for continued momentum in foreign stock brokerage and IB activities.

• Focus remains on expanding digital channels and overseas asset management.