Shinhan Investment Securities, boosted by growth in fee income, posted a net profit of 577.7 billion won in the first half, up 123% from a year earlier.
According to Shinhan Financial Group on the 23rd, Shinhan Investment Securities' cumulative net profit for the first and second quarters this year was 577.7 billion won. That was up 123.1% from the same period a year earlier. Operating profit in the first half of this year was 748.4 billion won, an increase of 135.0% year over year.
Shinhan Investment Securities said results improved as stock brokerage fees and income from financial products increased, and profitability in product operations recovered.
Second-quarter net profit this year was 289.3 billion won, up 0.3% from the previous quarter. Second-quarter operating profit this year was 362.0 billion won, down 6.3% from the previous quarter.
Although stock brokerage fee income grew, the company's shift to a more conservative operating strategy in response to rising market interest rates reduced gains from product operations, tempering the second quarter's net profit momentum.
A Shinhan Investment Securities official said, "Fee revenue from stock brokerage and the financial products institutional sector expanded, and revenue from product operations also improved, leading to a sharp improvement in first-half results."