Meritz Securities has reported an increase in first-half net profit, driven by strong performance in its retail and asset management sectors amid a booming stock market.
The company announced on August 12 that its consolidated net profit for the first half of the year reached 514 billion won, a 15.9% increase compared to the same period last year. Operating profit during the same period rose to 501.3 billion won, up 11.8%.
In the second quarter, operating profit was 245.7 billion won, while net profit stood at 259.7 billion won. Compared to the same quarter last year, operating profit decreased by 18.2%, and net profit fell by 1.4%.
Meritz Securities attributed its first-half performance improvement to better results in the retail sector and strong asset management outcomes.
A company representative stated, "Despite increased volatility in the financial markets, we continue to see steady growth in the retail sector and solid performance in asset management and financial margins, allowing us to maintain a stable growth trajectory. We will respond flexibly to market conditions through thorough risk management and portfolio diversification."
Meanwhile, Meritz Fire & Marine Insurance reported a standalone net profit of 1.0243 trillion won for the first half of the year, a 3.8% increase from the same period last year. In the second quarter, net profit rose by 6.4% to 558.3 billion won. First-half revenue increased by 8.0% to 6.7074 trillion won, while operating profit grew by 5.4% to 1.4006 trillion won. Insurance profit was recorded at 697.5 billion won, and investment profit reached 703.1 billion won, with the asset management investment return rate rising by 0.6 percentage points to 6.0% compared to the end of the first quarter. The provisional solvency margin ratio (K-ICS) was reported at 231%.
* This article has been translated by AI.
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