Mirae Asset Securities reported robust earnings in the April-June period, backed by the strong performance of its overseas units.
Mirae Asset posted a consolidated operating profit of 540 billion won ($390 million) in the second quarter, up 83.1 percent year-on-year, its earnings report showed Thursday.
During the period, the brokerage's revenue and net profit stood at 7.69 trillion won and 405.9 billion won, marking a 62.9 percent and 103.2 percent rise on-year, respectively.
With the performance, the company posted 846.6 billion won in operating profit and 664.1 billion won in net profit in the first half of this year.
The company attributed the upbeat earnings to the growth of its foreign subsidiaries, which logged a combined 106.1 billion won in earnings before tax in the second quarter and 224.2 billion won year-to-date.
Given the company's total pretax profit of 866.3 billion won in the first half of this year, roughly 26 percent was generated from overseas operations.
The company explained its exchange-traded fund-focused business in developed markets, including the US, Hong Kong and Europe, has been a key driver of earnings, while its Indian subsidiary, Mirae Asset Sharekhan, has been expanding its presence in the local market by broadening its business scope from brokerage services to wealth management.
“Since first expanding overseas in 2007, Mirae Asset has pursued localization strategies tailored to each country, which has significantly improved the profitability of overseas subsidiaries,” a Mirae Asset official said.
Meanwhile, during its earnings call, Mirae Asset further outlined that it will roll out an all-in-one platform that integrates the management of both traditional and digital assets. It also plans to attract top tech talent with expertise in digital assets, artificial intelligence and information technology.
In its global operations, the company plans to actively expand its wealth management business in developed markets such as the US, Hong Kong and Singapore. It also intends to continue investing in technology-driven companies in fast-growing markets including the US, China and India.
silverstar@heraldcorp.com
