Samsung Securities has broken its own record for quarterly performance in both the first and second quarters of this year.
On Tuesday, the company disclosed that its consolidated operating profit for Q2 reached 675.8 billion KRW (approximately 473.8 million USD), representing a staggering 119.0% increase compared to the same period last year.
Net profit for the same timeframe surged by 108.1% to 488.2 billion KRW (around 342.3 million USD).
These figures mark increases of 10.9% and 8.3% respectively over the already record-setting first quarter, establishing new highs for consecutive quarters.
The impressive results were driven by continued growth in both the Wealth Management (WM) and Investment Banking (IB) divisions.
In the WM sector, retail customer assets skyrocketed by 31.6% from the previous quarter, hitting 652.4 trillion KRW (about 457.4 billion USD). The number of high-net-worth (HNW) clients also saw a significant boost, rising 27.5% to 572,000.
The asset management business showed strong performance across the board. Net commission from wrap accounts jumped 52.1% to 49.5 billion KRW (34.7 million USD), while assets under management in retirement pension plans grew by 20.7% to 28.1 trillion KRW (19.7 billion USD).
The Investment Banking (IB) division posted revenues of 90.6 billion KRW (about 63.5 million USD), a 26.1% increase from the previous quarter. This growth was primarily fueled by structured finance deals, which accounted for 79.4 billion KRW (about 55.7 million USD). The successful completion of initial public offerings for CHAEVI and JUSTEK, along with the financing arrangement for Hugel, were key contributors to the division’s robust performance.