 |
Mirae Asset Securities' headquarters in central Seoul (Mirae Asset Securities) |
Mirae Asset Securities, a leading brokerage house in Seoul, reported robust earnings in the third quarter, largely buoyed by the strong performance of overseas units.
In its earnings report on Thursday, the brokerage firm said its operating profit more than doubled to 370 billion won ($265 million) in the July-September period compared to a year ago, while its net profit soared to 290 billion won, almost tripling on-year.
The company attributed the upbeat earnings to the growth of its foreign subsidiaries, which posted a combined 50.8 billion won in earnings before tax in the third quarter, raising total earnings for the year so far to 110 billion won.
In emerging markets such as India and Vietnam, the company has focused on localization strategies and digital services, while sales and trading businesses are leading the growth in advanced markets such as Hong Kong, the US and the UK.
According to the company, its Indian subsidiary has garnered 2 million retail accounts as of October. It plans to reach 5 million accounts when it completes the acquisition of local brokerage house Sharekhan, set for completion by the end of this year.
Apart from its global expansion, Mirae Asset Securities plans to establish an office dedicated to artificial intelligence strategy in New York in November.
“Mirae Asset Securities will continue to achieve growth and boost company value by securing global and AI competitiveness, as well as profits from diversified domestic businesses,” an official from the company said.
