iM Securities reported a net profit of 25.9 billion won in the first quarter, successfully turning to profitability for the first time in six quarters.
iM Securities announced that its standalone operating profit in the first quarter was 82.3 billion won and its net profit was 25.9 billion won. This represents increases of 47 billion won and 32.3 billion won, respectively, compared to the same period last year. Notably, the institutional sector, which had been in continuous deficits for 15 years, turned to profitability in the first quarter.
iM Securities noted that it implemented bold restructuring by consolidating 10 of its 21 branches last year into 11 mega center models and conducting a voluntary retirement program, thus establishing a profitability-centered sales system.
It also emphasized that concerns over the deterioration of the real estate project financing (PF) sector, which had been a major cause of quarterly deficits, have been significantly alleviated. By proactively setting aside large provisions last year, it strengthened financial soundness, resulting in a PF exposure ratio, including confirmed purchase commitments, of 54% in the first quarter, down about 19 percentage points from the same period last year. The provision ratio against PF exposure was tallied at 45%.
Additionally, iM Securities has operated the IB2 division as a dedicated organization for corporate sales in the Daegu and Gyeongbuk regions, achieving tangible results through collaboration with iM Bank, including signing listing advisory contracts and attracting capital increase deals for local corporations.
President Seong Muyong said, "The rebound in performance this first quarter is the beginning of a substantial flow transition through business structure improvement," adding, "Last year laid the groundwork for turnarounds through revenue structure enhancements driven by management innovation. This year, we will strengthen our fundamentals through management efficiency efforts to achieve a solid turnaround and build a strong company."