Samsung Securities posted operating profit of 675.8 billion won and net income of 488.2 billion won in the second quarter of this year, marking the largest quarterly results on record.
Samsung Securities said on Aug. 4 that second-quarter operating profit rose 119.0% from a year earlier and net income increased 108.1%. Compared with the previous all-time highs set in the first quarter of this year, operating profit and net income increased 10.9% and 8.3%, respectively, setting new records just one quarter later.
On the back of this strong performance, cumulative operating profit for the first half (1.2853 trillion won) surpassed the 1 trillion won mark, and cumulative net income also reached 939.1 billion won, nearing 1 trillion won.
By business unit, the wealth management (WM) unit continued steady growth on the back of broad-based expansion of the client base and increased income from financial product sales. Retail client entrusted assets rose 31.6% from the previous quarter to 652.4 trillion won. The number of high-net-worth (HNW) clients also increased 27.5% from the prior quarter to 572,000.
Net fee income from wrap accounts rose 52.1% from the prior quarter to 49.5 billion won, and retirement pension entrusted assets also expanded 20.7% to 28.1 trillion won. The investment banking (IB) unit led an increase in results thanks to growth in structured finance.
Second-quarter IB unit results reached 90.6 billion won, up 26.1% from the prior quarter, based on 79.4 billion won earned in structured finance. It successfully completed the initial public offerings (IPOs) of Chaevi(0011T0) and Justek(153890), and also wrapped up the acquisition finance deal for Hugel(145020) without a hitch.