Brokerage house chalks up outstanding results
NH Financial Group netted 1.78 trillion won ($1.5 billion) in profits in 2019, up 46 percent from a year before. It also marked the financial group’s largest-ever profit.
NH Bank accounted for a large proportion of the enhanced bottom line as the lender racked up profits of 1.52 trillion won, up 24.1 percent year-on-year.
Other than the banking business, NH Investment & Securities fared well by chalking up profits of 475.5 billion won, up 31.8 percent from a year ago.
The brokerage house also saw its other performances substantially improve as its return-on-equity (ROE) jumped 1.8 percentage points to 9.13 percent.
Observers point out that the outstanding performances of the Seoul-based brokerage were underpinned by its competitive edge in such areas as investment banking, wealth management, and trading.
Based on the competitive advantage, they expect that NH Securities would keep faring well this year.
NH Investment was launched in 2006 when Sejong Securities was incorporated into the National Agricultural Cooperate Federation, otherwise known as Nonghyup.
Currently, CEO Jeong Young-chae heads the outfit, whose largest shareholder is NH Financial Group. Its stake is 76.09 percent.