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Shown above is the head office of Mirae Asset Daewoo in downtown Seoul. The company chalked up an operating profit of 1.1 trillion won ($986 million) last year to become the first brokerage house to top the 1 trillion won profit mark in South Korea. Photo courtesy of Mirae Asset Daewoo

Leading brokerage house’s operating income tops W1 trillion

Mirae Asset Daewoo racked up an operating profit of 1.1 trillion won ($986 million) last year to become the first brokerage house to top the 1 trillion won profit mark in South Korea.

The country’s leading securities firm announced this week that its 2020 operating profit jumped 52 percent from a year before.

The exploit was widely expected because Mirae Asset Daewoo already came up with stellar results midway through last year.

For example, the Seoul-based firm’s operating profit surpassed 300 billion won during the April-June period of 2020 to become the first brokerage house whose quarterly profit reaches the plateau.

“We could achieve the outstanding profit as all our divisions of global business, wealth management, investment banking, and trading showed solid performances,” a Mirae Asset Daewoo official said.

“Based on our refined risk management system, we will further beef up our balanced business model and seek for qualitative growth so as to become a global top-tier investment banking company.”

Encouraged by the strong bottom line, Mirae Asset Daewoo decided on a share buyback program valued at some 100 billion won.

The repurchase of 10.5 million shares will take place between Jan. 29 and April 28. The amount is 2.1 percent of Mirae Asset Daewoo’s total floating shares.

This is not the first time for the entity to make similar measures _ it funneled 372.7 billion won last year to buy back 50 million shares and retire 13 million shares.

“All the steps are in line with the company’s strong will of putting the shareholders’ rights first,” the Mirae Asset official said.

Mirae Asset Daewoo is co-headed by Executive Vice Chairman Choi Hyun-man and Executive Vice Chairman Cho Ung-kee.

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