Kiwoom Securities(039490), boosted by an expansion in brokerage revenue thanks to increased transaction value in the domestic stock market, posted strong second-quarter results.
Kiwoom Securities said on the 30th that second-quarter operating profit on a consolidation basis was 788.9 billion won, up 93.2% from a year earlier. Net profit rose 119.4% to 680.6 billion won.
The improvement was led by the brokerage institutional sector. Second-quarter stock commission revenue was 451.9 billion won, up 178.3% from the same period a year earlier. The average daily transaction value also surged 236.1% to 36.3 trillion won from 10.8 trillion won.
The asset management institutional sector also showed growth. Second-quarter investment gains and dividends and distributions were 249.2 billion won, up 104.9% from a year earlier. Customer assets under management (AUM) expanded 54.4% year over year to 26.1 trillion won.
Investment banking commission revenue was 83.3 billion won, up 6.4% from a year earlier. Kiwoom Securities in June served as lead manager for INNOSPACE's rights offering and arranged corporate bond issuances for Lotte Chemical, HL Mando, Shinsegae, Korean Air Lines, Hyundai Department Store and CJ Freshway.
In acquisition finance, it arranged UCK Partners' refinancing of acquisition finance for Sulbing, Seoyoung ENT's refinancing of acquisition finance for B&B Korea and DAOL Private Equity's acquisition finance for Eurobake.