IBK Securities posts 36% profit growth in H1

[THE INVESTOR] IBK Securities finished the first half of 2016 with significantly improved earnings propelled by its investment banking business, the firm said on Aug. 23.

The brokerage unit of Industrial the Industrial Bank of Korea posted an operating profit of 28 billion won (US$25.03 million) during the first six months this year, up 36 percent from the same period a year earlier. Net income grew 26 percent year-over-year to 20.5 billion won.

The firm’s operating profit growth marked the second highest in the local brokerage sector. It was followed by Dongbu Securities. 

IBK said the biggest growth driver was its investment banking business, which saw 23 percent on-year profit increase to 23.7 billion won.

Alternative investment and wealth management services also contributed to the revenue improvement in the semi-annual earning report, the brokerage said.

By Park Han-na (hnpark@heraldcorp.com)