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IBK Securities sees highest on-year net profit growth in H1 among Korean players

Collected: 2016.08.24

Distributed: 2016.08.25

Source: Go Direct

IBK Securities Co., the brokerage unit of the Industrial Bank of Korea (IBK), said on Tuesday that it has posted a net income of 20.5 billion won ($18.2 million) in the first six months of the year, up 26 percent from a year ago. It is the highest increase among the country’s 21 securities firms with capital of 500 billion won or more.

The highest on-year net profit increase in the first half of 2016 came despite IBK Securities having the bottom equity capital of 540.5 billion won among local brokerages. The firm’s return on equity was 7.7 percent over the cited period, up 1 percentage point from a year ago, signifying improved profitability.

IBK Securities also posted an operating income of 28 billion won in the January-June period, up 36 percent from the same period last year.

According to IBK Securities, profit was mainly led by its investment banking business that raised 23.7 billion won in the first half of the year, up 23 percent from a year ago. The profit increase came as it expanded its alternative investment and underwriting businesses.

Its mortgage-based securities business also continued to reap the highest profit for the fourth consecutive year since 2013. Its wealth management business also contributed to profit growth thanks to robust sales of IBK’s multi-platform branches and an increase in demand for financial products.

IBK Securities’ over-the-counter derivative management business that involves equity-linked securities also saw profit in the January-June period, thanks to its preemptive risk management efforts, while other large brokerage firms posted losses.

By Bae Mi-jung

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