Mirae Asset Securities posted a net profit of 1.0019 trillion won in the first quarter this year. It is the first time in the securities industry that quarterly net profit has topped 1 trillion won.
On the 12th, according to the financial investment industry, Mirae Asset Securities' first-quarter revenue on a consolidation basis was 14.4287 trillion won and operating profit was 1.375 trillion won, based on preliminary figures. Those were up 138.4% and 297.2%, respectively, from a year earlier. Net profit also rose 288% in the same period.
Pre-tax profit came to 1.3576 trillion won, and the annualized return on equity (ROE) was 29%. Equity capital stood at about 14.1 trillion won.
A large influx of funds driven by the domestic stock market boom played a major role in the improved results. As of the end of the first quarter, Mirae Asset Securities' total domestic and overseas client assets (AUM) were 660 trillion won, up about 58 trillion won from the end of last year. As of the 10th, that figure had risen to 776 trillion won, extending steep growth.
Growth in the pension segment also stood out. Pension assets at the end of the first quarter were 64.3 trillion won, up 6.5 trillion won in three months. In particular, the combined balance of defined contribution (DC) retirement pensions and individual retirement pensions (IRP) was 36.8 trillion won, ranking No. 1 across the financial sector. As of the 10th, pension assets exceeded 74 trillion won.
Overseas subsidiaries also delivered record-high results thanks to the expansion of global business. First-quarter pre-tax profit at overseas subsidiaries was 243.2 billion won. The Hong Kong unit posted 81.3 billion won and the New York unit 83 billion won in pre-tax profit, respectively. Client assets in overseas wealth management (WM) in countries including India, Vietnam and Indonesia also increased to 78 trillion won.
Performance in the principal investment (PI) segment also bolstered results. Mirae Asset Securities reflected about 804 billion won in valuation gains from investments focused on global innovation companies such as SpaceX. In the industry, the possibility of additional valuation gains is being discussed during the process of pursuing a SpaceX initial public offering (IPO).
Cornerstone investments in Hong Kong-listed companies also generated profit. The company said that even in March, when market volatility widened due to the U.S.-Iran war's impact, it booked 156 billion won in profit from related investments.
A Mirae Asset Securities official said, "Since our founding, the virtuous cycle built by strategically reinvesting capital has been translating into investment performance," and added, "We will grow into a global investment specialist that provides customers with diverse investment opportunities, focusing on WM and our global investment platform business."