Korea Investment Holdings (071050) Q2 2024 earnings summary

Executive summary

• Net income for 1H 2024 reached W624.0B, up 19.7% year-over-year, with strong contributions from securities and asset management subsidiaries.

• Operating income rose 17.6% YoY to W681.0B, and pretax income increased 23.2% YoY to W855.1B.

• Annualized ROE improved to 14.2% from 13.1% YoY.

Financial highlights

• Group total assets grew 4.4% year-to-date to W100.1T, and total AUM increased 8.8% YTD to W360.5T.

• Net operating revenue for 2Q24 was W741.8B, down 6.0% QoQ but up 33.6% YoY.

• Fee and commission income rose 12.7% YoY in 2Q24, while interest income increased 21.0% YoY.

• SG&A expenses increased 35.1% YoY in 2Q24.

Outlook and guidance

• Improved performance in investment banking (IB) and asset management (AM) expected to continue supporting earnings.