Korea’s top brokerage continues to navigate uncharted territory
Mirae Asset Securities keeps making breakthroughs in the South Korean brokerage industry as its net profit tops the 1 trillion won ($830 million) mark for the first time in the business.
The Seoul-based outfit’s operating profit also neared 1.5 trillion won ($1.25 billion), which is bigger than any of its local competitors.
And Mirae Asset Securities, led by Chairman Choi Hyun-man, has become the first brokerage outfit to rack up more than 1 trillion won ($850 million) of operating profit for two consecutive years.
In addition, the firm surpassed 10 trillion won ($8.5 billion) in owner’s equity midway through last year, the unprecedented milestone among the country’s securities firms.
Mirae Asset Securities’ return on equity, the measure of profitability, amounted to 11.85 percent for last year. Many of its rivals struggled to reach the double-digit ratio.
Mirae Asset Securities also logged almost 250 billion won ($210 million) in overseas businesses.
Under the leadership of Mirae Asset Group Chairman Park Hyeon-joo, Mirae Asset affiliates have put forth great efforts to tap into global markets. Mirae Asset Securities spearheaded the move.
“We could achieve the best operating profit by the diversifying business portfolio and carrying out thorough risk management to deal with the highly volatile market conditions both at home and abroad,” a Mirae Asset Securities official said.
“Down the road, we will try to increase shareholder value through various measures like buying back and canceling shares.”
Mirae Asset Securities is set to spend 83.6 billion won ($70 million) to purchase back 10 million shares. In addition, it is set to cancel 20 million shares.
Last March, the company also canceled 10 million shares.