Kiwoom Securities (039490) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 reached KRW 537bn, up 18.1% QoQ and 32.4% YoY, with net income at KRW 337bn, up 46.3% QoQ and 63.0% YoY.

• Consolidated net income for 2Q25 was KRW 310bn, a 31.6% QoQ and 33.6% YoY increase.

• Brokerage commission revenue rose 15.1% QoQ, driven by higher domestic equity trading and normalized overseas commission rates.

• S&T/PI income surged 89.7% QoQ due to favorable market conditions.

Financial highlights

• Operating income (separate) for 2Q25 was KRW 374bn, up 26.4% QoQ and 40.8% YoY.

• Net commission revenue increased 23.8% QoQ and 32.8% YoY to KRW 251bn.

• Investment banking commission revenue grew 37.5% QoQ and 38.2% YoY to KRW 78bn.

• Interest income remained stable at KRW 176bn, up 0.7% QoQ but down 2.7% YoY.

• G&A expenses rose 2.7% QoQ and 16.5% YoY to KRW 164bn.

Outlook and guidance

• Continued growth in brokerage and investment banking expected, supported by robust trading activity and successful major IB deals.