IBK Securities posted second-quarter net profit of 16.6 billion won this year, up 27.7% from a year earlier. Expanded brokerage fees driven by higher trading volume on the domestic stock market, along with improved profitability in the wealth management (WM) division, led the results.
According to IBK's earnings data released on the 27th, IBK Securities' net profit for the second quarter this year was 16.6 billion won, up 3.6 billion won, or 27.7%, from 13 billion won in the same period last year. Cumulative net profit for the first half was 30.3 billion won, a 21.2% increase from 25 billion won a year earlier.
On a pre-consolidation-adjustment basis, IBK Securities accounted for 11.8% of the profit from IBK's subsidiaries, the second-highest after IBK Capital at 49.3%.
External growth also continued. As of the end of the first half this year, total assets excluding trusts stood at 12.75 trillion won, an increase of approximately 2.3 trillion won from the end of last year. Capital was 1.377 trillion won, holding at a level similar to the 1.372 trillion won recorded at the end of last year.
"Expanded trading volume from the revitalization of the domestic stock market increased brokerage fees, and earnings in the WM division improved significantly, driving second-quarter results," an IBK Securities official said. "Productive finance results also expanded, including underwriting P-CBOs for the Korea SMEs and Startups Agency, the Korea Credit Guarantee Fund, and the Korea Technology Finance Corporation, as well as KOSDAQ listing underwriting."
