Market Recovery
Korea's top five securities firms’ combined net profits reached 1.3 trillion won (US$973 million) in the first quarter of this year as the stock market recovered.
According to sources in the financial investment industry, the combined net profits of the five largest securities firms -- Mirae Asset Securities, Korea Investment Holdings, NH Investment & Securities, Samsung Securities, and Kiwoom Securities – stood at 1.26 trillion won (US$943 million) in the first quarter, up 41.0 percent from the same period of last year and 211.6 percent from the previous quarter.
By company, Korean Investment Holdings racked up the highest net income of 312 billion won (US$233 million) -- 262.1 billion won (US$196.2 million) by Hankook Investment & Securities, a subsidiary of Korean Investment Holding -- followed by Kiwoom Securities with 292.4 billion won (US$218.8 million), Samsung Securities with 252.6 billion won (US$189.1 million), Mirae Asset Securities with 238.2 billion won (US$178.3 million), and NH Investment & Securities with 184.1 billion won (US$137.8 million).
The securities firms’ improved performances in the first quarter were attributable to a recovery of the Korean and foreign stock markets. In particular, the average daily trade of Korean stocks in the first quarter amounted to 17.5 trillion won (US$13.1 billion), up 34.5 percent from the previous quarter.