Samsung Securities (016360) Q4 2024 earnings summary

Executive summary

• FY2024 consolidated net income reached KRW 899.0bn, up 64.2% year-over-year; pretax income was KRW 1,209.6bn, up 62.0% year-over-year.

• Annualized ROE improved to 12.9%, up 4.4 percentage points year-over-year.

• Overseas trading value surged 131.3% year-over-year to KRW 86.9tn; retail client assets grew 2.4% to KRW 302.4tn.

• Number of high-net-worth clients increased 5.6% year-over-year to 262,000.

Financial highlights

• Consolidated net revenues for FY2024 were KRW 2,239.8bn, up 134.3% year-over-year; net income was KRW 899.0bn, up 64.2%.

• Brokerage commission income rose 21.8% year-over-year to KRW 565.5bn, with overseas commissions up 91.7%.

• Trading & interest income nearly doubled, up 97.6% year-over-year to KRW 1,054.2bn.

• Financial product sales declined 35.5% year-over-year to KRW 160.8bn.

• Investment banking revenue increased 25.1% year-over-year to KRW 314.8bn.

Outlook and guidance

• 2025 strategy targets balanced growth between retail and investment banking, with a focus on expanding revenue streams and enhancing infrastructure for high-net-worth and institutional clients.

• Plans to introduce new FX services, expand into institutional-only private funds, and grow corporate lending and real estate investments.