Kiwoom Securities reported a consolidated net profit of 235.6 billion won for the first quarter (January to March) of this year, according to a disclosure on the 30th. This is a 3.77% decrease compared to the first quarter of last year. During the same period, revenue increased by 38.46% to 3.666 trillion won, while operating profit decreased by 3.62% to 325.5 billion won.
Kiwoom Securities attributed the slight declines in operating profit and net profit despite the revenue increase to an increase in selling, general and administrative expenses. The selling, general and administrative expenses of Kiwoom Securities for the first quarter of this year amounted to 159.4 billion won, an increase of 29.1 billion won from 130.3 billion won during the same period last year.
Kiwoom Securities noted that the growth in revenue from overseas stock commissions was remarkable in the first quarter of this year. Revenue from overseas stock commissions reached 67.4 billion won, nearly doubling from 37.2 billion won in the first quarter of last year. Revenue from domestic stock commissions also increased by 12.3% from the previous quarter as market transaction volumes rose.
In terms of business sectors, in the initial public offering (IPO) sector, Erkos and SME went public through a Special Purpose Acquisition Company (SPAC) merger, and in the debt capital markets (DCM) sector, Kiwoom Securities acted as the lead underwriter for bond issuances amounting to 4.36 trillion won. Revenue from structured real estate project financing increased from 35.1 billion won in the first quarter of last year to 44 billion won in the first quarter of this year.