Kiwoom Securities (039490) Q1 2025 earnings summary

Executive summary

• Net income for 1Q25 reached KRW 230 billion on a separate basis, up 50.0% quarter-over-quarter but down 6.3% year-over-year.

• Consolidated net income was KRW 236 billion, a 61.1% increase quarter-over-quarter, but a 3.8% decrease year-over-year.

• Operating income and trading income saw significant sequential growth, driven by robust market activity and improved trading performance.

Financial highlights

• Net revenue rose to KRW 455 billion, up 23.0% quarter-over-quarter and 5.5% year-over-year.

• Operating income increased 48.0% quarter-over-quarter to KRW 295 billion; consolidated operating income up 80.6% to KRW 325 billion.

• Trading income surged 140.9% quarter-over-quarter to KRW 98 billion.

• Annualized ROE on a separate basis was 18.4%, up 0.8 percentage points sequentially but down 4.2 points year-over-year.

Outlook and guidance

• Strong domestic stock trading value and commission revenue suggest continued momentum in brokerage and trading segments.

• Investment banking pipeline remains active, with notable bond issuances and M&A activity.