Samsung Securities posts third-quarter net profit of 352.8 billion won, up 14.1% year on year despite weak stock market

[Financial News] Samsung Securities Co., Ltd. posted solid results in the third quarter, buoyed by performance in its wealth management (WM) and corporate finance (IB) divisions despite weakness in the domestic stock market and a decline in trading value.
Samsung Securities Co., Ltd. said on the 12th that its consolidated net profit for the third quarter rose 14.1% from a year earlier to 352.8 billion won. Operating profit was 449 billion won and pretax profit was 480.4 billion won, up 11.7% and 16.5%, respectively, from the same period a year earlier.
The expanded customer base in the WM division and increased revenue from financial product sales supported results. Retail customer assets in the third quarter totaled 578.7 trillion won, up 47.1% from a year earlier. The number of high-net-worth (HNW) customers rose 52.7% to 524,000.
Revenue from financial product sales also grew. Net fees from wrap accounts rose 75.9% year on year to 20.1 billion won, while revenue from fund sales increased 6.6% to 26.3 billion won.
The IB division recorded revenue of 81.8 billion won. Of that, revenue from the equity capital markets (ECM) division rose 147.8% year on year to 11.4 billion won, while revenue from mergers and acquisitions (M&A) increased 120.9% to 9.5 billion won.
Samsung Securities Co., Ltd. said it contributed to revenue by successfully completing transactions including the initial public offering (IPO) of Ingenia Therapeutics and acquisition financing for Chungho Nais.

[email protected] Seo Min-ji Reporter