Net Profit of Securities Companies’ Overseas Corporations Increases Substantially

The Financial Supervisory Service announced on May 5 that 13 South Korean securities companies’ 52 overseas corporations posted a net profit of US$182.4 million last year, up 48.5 percent from a year ago. For reference, the net profit was US$48 million in 2017 and US$122.8 million in 2018.

The 13 companies’ corporations located in Hong Kong recorded a net profit of US$9.67 million while those in Vietnam and Indonesia posted US$28.4 million and US$22.2 million, respectively. Although the losses of those in China totaled US$1.6 million, those located in Asian countries accounted for 83.7 percent of the net profit.

The 12 overseas corporations of Mirae Asset Daewoo, which are located in Hong Kong, Vietnam and Indonesia, recorded a pre-tax net profit of 170.9 billion won in 2019. The corporations’ pre-tax net profit was 44.2 billion won in the first quarter of this year.

The 52 overseas corporations’ assets totaled US$58.47 billion last year, up 18.1 percent from a year earlier. The assets constituted 18.8 percent of the 13 securities companies’ total assets. During the period, the equity capital of the overseas corporations increased 23 percent to US5.82 billion, equivalent to 15.9 percent of the 13 securities companies’ equity capital.