Hyundai Motor Securities' net income in the first half of this year exceeded last year's annual net income.
Hyundai Motor Securities announced on the 24th that it recorded a revenue of 693.6 billion won and a net income of 20.7 billion won in the second quarter (April to June) of this year. This represents an increase of 59.3% and 38.5%, respectively, compared to the same period last year.
Hyundai Motor Securities' net income in the first half of this year was 40 billion won, a 59.1% increase compared to the same period last year, and also exceeded last year's total annual net income of 36.2 billion won. The return on equity (ROE) improved from 2.8% at the end of last year to an estimated 5.9% as of the end of June this year, surpassing the target ROE of 4% for this year.
Hyundai Motor Securities explained that these results were due to the smooth operation of its core institutional sectors, including investment banking (IB), sales and trading (S&T), and retail 'triangular fleet.' The S&T sector saw a net operating income of 115.2 billion won in the first half of this year, a 30.8% increase compared to the same period last year. In particular, the company excelled in the bond brokerage and underwriting sectors, achieving first place in the bank bond league table.
The IB sector also experienced a 48% increase in net operating income compared to the same period last year. Hyundai Motor Securities explained that this was due to the expansion of its business into areas outside of real estate. The retail sector performed well, bolstered by an increase in stock transaction volumes and enhanced asset management for key clients. Hyundai Motor Securities plans to launch services targeting high-net-worth individuals (HNWI) within this year to strengthen its wealth management (WM) capabilities.
A representative from Hyundai Motor Securities noted, 'We will continue to maintain our growth momentum through proactive risk management and ongoing improvements to our business structure in the second half of this year.'