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Photo = Yonhap news |
[Alpha Biz= Paul Lee] The Financial Supervisory Service (FSS) announced on May 19 that 15 South Korean securities firms collectively earned a net income of $272.2 million (approximately KRW 400.2 billion) from their 70 overseas subsidiaries in 2024. This marks a 155.5% increase compared to the $106.5 million (approximately KRW 156.6 billion) posted the previous year.
As of year-end 2024, the firms operated 70 local subsidiaries and 10 representative offices across 15 countries. The majority—58 entities—were located in Asia, including China, Singapore, and Indonesia. The U.S. accounted for 14, the U.K. for 6, and Greece and Brazil for one each.
The increase in net income was largely attributed to stronger performance in trading operations, including bond brokerage and exchange-traded fund (ETF) businesses. However, profitability was not evenly distributed: only 38 of the 70 subsidiaries turned a profit, while the remaining 32 reported losses.
Regionally, subsidiaries in 10 countries—including the U.S., Hong Kong, and Vietnam—were profitable, while those in five countries such as the U.K. and Thailand recorded losses. Although profits were concentrated in select regions, diversification efforts are underway, with new market entries into emerging countries like India and the establishment of branches in advanced economies.
Excluding the 10 representative offices focused on market research, the total assets of the 70 subsidiaries amounted to $34.28 billion (approximately KRW 50.4 trillion), down 9.7% from $37.98 billion (approximately KRW 55.8 trillion) at the end of the previous year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
