With an unprecedented bull market continuing, Samsung Securities posted the largest quarterly results ever in the first quarter of this year.
Samsung Securities said on the 11th that its first-quarter net profit rose 81.5% from a year earlier to 450.9 billion won, according to a provisional filing. This is the largest quarterly result on record.
Operating profit for the first quarter was 609.5 billion won, and profit before tax was 615.5 billion won, up 82.1% and 83.5%, respectively, from a year earlier.
Samsung Securities said growth in the wealth management (WM) institutional sector continued. In particular, increased net inflows of customer assets and higher financial product sales revenue drove the strong results.
Retail customer assets saw a net inflow of 19.7 trillion won, bringing total customer assets to 495.6 trillion won.
Fund sales revenue was 34.4 billion won, up 96% from the previous quarter. Pension balances also rose 11.7% to 34.5 trillion won.
The headquarters sales institutional sector said it maintained solid results centered on structured finance. The investment banking (IB) institutional sector posted 71.8 billion won, up 10% from the previous quarter, led by 63.4 billion won in structured finance.
In particular, it said it successfully completed the Kbank initial public offering (IPO), acquisition financing for Hwasung Cosmetics, and a tender offer deal for NOWCOS.