Samsung Securities (016360) Q3 2024 earnings summary

Executive summary

• 3Q24 consolidated pretax income reached KRW 322.6bn, up 58.8% YoY but down 6.4% QoQ; net income was KRW 240.3bn, up 59.1% YoY and down 6.8% QoQ.

• Annualized ROE improved to 13.6%, up 4.4%p YoY but down 1.5%p QoQ.

• Net revenues on a consolidated basis were KRW 566.9bn, up 25.2% YoY but down 4.8% QoQ.

Financial highlights

• Brokerage commissions were KRW 153.1bn, up 5.4% YoY but down 2.4% QoQ; overseas commissions rose 21.3% QoQ while domestic fell 14.5% QoQ.

• Financial product sales dropped 38.5% YoY and 26.7% QoQ to KRW 37.1bn.

• Trading and interest income surged 79.5% YoY to KRW 329.2bn, but fell 3.1% QoQ.

• Investment banking revenue was KRW 42.0bn, down 4.9% YoY and 27.5% QoQ.

• Operating expenses decreased 3.4% YoY and 5.2% QoQ to KRW 242.8bn.

Outlook and guidance

• Forward-looking statements note risks and uncertainties; no specific quantitative guidance provided.