Operating profit down 44.3% from a year earlier; wealth management and wholesale units support earnings while trading and IB shrink
Hanwha Investment & Securities reported Thursday that its third-quarter consolidated operating profit came in at 20.99 billion won ($15.7 million), down 44.3 percent from the same period a year earlier.
Net profit for the quarter fell 46.1 percent year-on-year to 11.56 billion won.
On a nine-month cumulative basis, operating profit reached 106.24 billion won, a 13.3 percent decline from the same period last year. Cumulative net profit through the third quarter stood at 57.72 billion won, down 34.4 percent.
By business segment, the wealth management and wholesale units provided the main earnings support.
Cumulative operating profit on a consolidated basis reached 145.65 billion won for the wealth management unit and 34.19 billion won for the wholesale unit, both up from a year earlier.
The trading unit posted cumulative operating profit of 5.68 billion won and the investment banking unit 6.87 billion won, both down from a year ago, while other segments recorded an operating loss of 83.45 billion won.
"We are maintaining a profit-generating trajectory even in a highly volatile market environment," a company official said. "Going forward, we will continue to strengthen our core business competitiveness and focus on risk management, while accelerating our push to establish ourselves as a specialized digital-asset securities firm built on differentiated technology and capabilities."
jiyun@heraldcorp.com
