Meritz Securities recorded a net profit of 206.4 billion won for the third quarter of this year, a 3.2% increase compared to the same period last year. The cumulative net profit for the first three quarters reached 720.5 billion won, up 12.0% from the previous year.
According to the Financial Supervisory Service's electronic disclosure on November 11, Meritz Securities' consolidated revenue for the third quarter was 11.8781 trillion won, a 137.7% increase year-on-year. However, operating profit fell to 140 billion won, a decrease of 44.7%. Compared to the previous quarter, operating profit and net profit decreased by 43.0% and 20.5%, respectively.
For the first three quarters of this year, cumulative revenue was 38.4089 trillion won, a 146.0% increase compared to the same period last year. Cumulative operating profit was 641.3 billion won, down 8.6%, while cumulative net profit rose to 720.5 billion won, an increase of 12.0%. However, these results are provisional and may change during the final confirmation process.
The company stated that all business segments, including corporate finance, asset management, and retail, achieved solid performance. The corporate finance sector continued structured finance transactions with large corporations, while the asset management sector contributed to profit growth based on operational performance despite increased market volatility. The retail sector also recorded stable quarterly results.
A representative from Meritz Securities said, "We will pursue qualitative growth in our retail business based on an expanded customer base and competitive digital platforms, while enhancing synergy with the corporate finance and asset management sectors to secure sustainable growth drivers."
Meanwhile, Meritz Securities announced plans to file an administrative lawsuit against the Fair Trade Commission's sanctions related to collusion in government bond bidding.
During a conference call on the performance of Meritz Financial Group, CEO Jang Won-jae explained that Meritz Securities has actively participated in government bond bidding as a top government bond specialist dealer (PD). However, he noted that the basis for the Fair Trade Commission's sanctions stemmed from actions such as exchanging information with other companies during certain bidding processes.
He added, "There is insufficient direct evidence to support that these actions constitute collusion, and we do not acknowledge any collusive behavior. We plan to actively contest the factual and legal validity of the Fair Trade Commission's judgment through the administrative lawsuit."
The Fair Trade Commission announced that it imposed a total fine of 1.6265 trillion won on 15 government bond PDs for colluding to agree on bidding rates and quantities prior to competitive bidding for government bonds. Meritz Securities was fined 64.562 billion won.
* This article has been translated by AI.
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