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Biz News Korea(Eng)
Meritz Securities net profit up 50.5% on yr Q4, record-high for 2017
- Collected
- 2018.02.02
- Distributed
- 2018.02.05
- Source
- Go Direct
Meritz Securities said in a regulatory filing on Thursday that it posted a net profit of 86.5 billion won ($80.1 million) for the fourth quarter ended December, up 50.5 percent from a year ago. For full 2017, it registered a record high net profit of 355.2 billion won, up 39.9 percent on year.
At 3:07 p.m. Friday, Meritz Securities shares were down 3.35 percent at 5,190 won.
Based on its strong net bottom-line, a key measure of profitability in securities industry, the company is potentially secured for the country’s No. 2 broker seat after Mirae Asset Daewoo Co., which already ranked top with 504.9 billion won net profit for full 2017.
Other candidates for runner-up position - NH Investment & Securities Co. and Korea Investment & Securities Co., - are yet to release their earnings from last year.
An unnamed market expert attributed Meritz Securities’ rise to its strategy to develop real estate financing. It also was able to bolster relatively weak securities sales thanks to the country’s extended stock market rally last year.
The company last year acquired Meritz Capital Co. and bumped up its equity in the course of joining the country’s large-investment bank club in November, said a Meritz Securities official. The company plans to seek further growth through investment in new firms like biotech startups and overseas niche market.
By Moon Il-ho and Cho Jeehyun
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