Mirae Asset Securities announced on Jan. 27 that it posted the company’s best-ever business performance, with provisional operating profit of 1.4858 billion won on a consolidated basis in 2021.
For the first time in the Korean securities industry, its operating profits surpassed one trillion won for the second consecutive year.
On an annual basis, pre-tax net profit stood at 1,642.5 billion won, while net profit was 1,187.2 billion won.
It was also the first time that the company’s net profit surpassed one trillion won.
Mirae Asset Securities explained that all sectors have grown evenly, including a continued increase in commission income at home and abroad, stable operating gains through risk management, the successful implementation of various investment bank deals such as large IPOs and overseas subsidiaries’ contribution to profit generation.
Mirae Asset Securities decided to implement an active shareholder return policy based on its excellent business performances. This year’s cash dividend was set as 300 won per ordinary share, 330 won per first preferred share and 300 won per second preferred share. It plans to cancel 20 million treasury shares.
This is a shareholder return policy to pay about 362.2 billion won to shareholders over a dividend payout ratio of more than 30 percent promised in August in 2021.
In addition, Mirae Asset Securities plans to purchase 10 million treasury shares.
Mirae Asset Securities crossed 10 trillion won in equity capital in the second quarter of in 2021. It logged 10.5 trillion won in equity capital and an 11.85-percent return on equity (ROE) as of the end of 2021.
In particular, its overseas subsidiaries surpassed 200 billion won in pre-tax net profit in 2021. Their annual pre-tax net profit reached 244.4 billion won, up 21.6 percent from the previous year.
“Overseas subsidiary focused its capabilities on core businesses and showed K-Finance’s competitiveness in the global market by means of thorough localization,” a Mirae Asset Securities official explained.
In the meantime, Mirae Asset Securities announced on Feb. 8 that its overseas business is cruising smoothly with differentiated results despite tough business conditions at home and abroad, due to the spread of the COVID-19 virus.
Among Korean securities firms, Mirae Asset Securities runs the widest overseas network, which includes 11 overseas subsidiaries and three offices.
Based on overseas business know-how, it is running stable and balanced global businesses via specialized and localized strategies.
Overseas subsidiaries continued to grow by achieving 240 billion won in annual pre-tax net profit in 2021, after setting a record of over 200 billion won in annual pre-tax net profit for the first time in the Korean securities industry in 2020.
Pre-tax net profit surpassed 200 billion won for the second consecutive year, which is the first time that has happened in the Korean securities industry.
Mirae Asset Securities Vietnam is the second-largest securities firm in terms of capital in Vietnam. It maintains a stable large market share through rapid digital conversions such as active marketing activities, online account opening services and non-face-to-face marketing for local customers.
Mirae Asset Securities Indonesia launched the Home Trading System (HTS) and Mobile Trading System (MTS) for the first time in the Indonesian securities industry.
It also launched Indonesia’s first online fund mall and non-face-to-face account opening service, continuing to expand online channels optimized for local business environments.
Mirae Asset Securities India completed the development of an online retail platform in 2021 and is growing into an online brokerage company.
It is steadily expanding the IB and PI business areas, focusing on investment in high-tech companies with large growth potential.
Mirae Asset Securities Hong Kong is growing into a competitive global IB through business diversification, including investment and alternative investment in innovation-powered companies around the world, strengthening expertise in the trading sector, and revving up the One Asia Brokerage business.
Mirae Asset Securities’ overseas subsidiaries operating in advanced financial countries such as the United States and the United Kingdom are also implementing thorough risk management and employing business strategies tailored to their situation amid the crisis of COVID-19.
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