Korea Investment & Securities recorded a cumulative net profit of 17.1 billion won in the first half of the year. This figure represents a 348.7% increase compared to the net profit of the previous year during the same period for its predecessor, Woori Financial Group, which emerged from the merger of Woori Comprehensive Financial and POSCO Securities in July last year.
Korea Investment & Securities reported on the 25th that its operating profit in the second quarter increased by 9.7 billion won (189.9%) to 14.9 billion won compared to the same period last year. The net profit for the same period recorded an increase of 13.3 billion won (348.7%) to 17.1 billion won.
Korea Investment & Securities began its full-fledged securities business starting the second quarter after obtaining its main license for investment trading in March and launching its mobile trading system (MTS) service at the end of March. Non-interest income in the first half increased by 15.6 billion won compared to the same period last year, totaling 39.6 billion won. In just the first quarter, the company entered league tables for corporate bonds, asset-backed securities, and other instruments. As a result of this performance, commission profit increased by 10.7 billion won to 15.8 billion won, while the securities sector saw an increase of 3.9 billion won to 23.8 billion won.
Net interest income slightly decreased compared to the same period last year to record 52.9 billion won due to asset reallocation focused on high-quality assets. The average balance of securities increased by 1.95 trillion won.
Selling and administrative expenses amounted to 62.1 billion won. This is due to the increase in labor costs from the merger with POSCO Securities and the hiring of personnel related to the securities business, as well as an increase in investments such as MTS development. Impairment losses were 15.6 billion won, a 68.8% decrease compared to the same period last year due to asset adjustments.
A representative from Korea Investment & Securities noted, "This is a significant performance that demonstrates our capabilities as a securities firm under Woori Financial Group, just three months after receiving the main license for investment trading and opening the MTS," and stated, "In the second half, we will actively secure revenue in areas such as debt capital markets (DCM), alternative investments, and merger finance, and become a strong comprehensive securities firm in retail, corporate finance, and digital fields."