Yuanta Securities Korea's net profit in the first half of this year rose about fourfold from a year earlier on growth in the brokerage business and financial products institutional sector.
According to the Financial Supervisory Service's electronic disclosure system on the 14th, Yuanta Securities Korea's first-half net profit on a consolidation basis was 129.8 billion won, up 298% from a year earlier. Operating profit rose 301% to 159.3 billion won.
The improved results were led by the brokerage business and the financial products institutional sector. Brokerage institutional sector profit increased 266% from a year earlier on higher domestic stock market transaction value and a favorable market environment, marking the strongest half-year performance on record. Profitability improved in both retail and wholesale institutional sectors.
The financial products institutional sector also set a new half-year record. Profit and loss from financial products increased 232% from a year earlier. Led by equity funds, total fund sales in the first half rose 97%, and the balance of major wrap products excluding money market wrap (MMW)-type comprehensive asset management accounts (CMA) exceeded 3 trillion won.
Results also improved in the investment banking (IB) institutional sector. Centered on small and mid-sized deals, it closed more than five transactions in the first half, and performance in the debt capital market (DCM) helped turn the underwriting business institutional sector to a profit from a year earlier. However, the asset management institutional sector saw a slight decline in results from a year earlier.