A sustained bull market has driven major Korean securities firms to record-breaking profits, with the number of brokerages posting over 1 trillion won ($690 million) in net income jumping from one in 2024 to five last year.
Mirae Asset Securities announced Sunday that its 2025 revenue reached 29.28 trillion won, up 31.7% year-over-year, while operating profit surged 61.2% to 1.92 trillion won. Net income soared 72.2% to 1.59 trillion won, marking the first time since 2021 that the firm crossed the 1 trillion won threshold.
Kiwoom Securities, Samsung Securities, and NH Investment & Securities had earlier reported trillion-won results. Kiwoom posted operating profit of 1.49 trillion won and net income of 1.12 trillion won, up 35.5% and 33.5% respectively. Samsung Securities saw operating profit rise 14.2% to 1.38 trillion won and net income climb 12.2% to 1.01 trillion won. NH Investment recorded operating profit of 1.40 trillion won and net income of 1.03 trillion won, gains of 57.7% and 50.2%.
Korea Investment Holdings, set to release results on February 11, is expected to become the industry's first member of the "2 trillion club." According to financial data provider FnGuide, analysts project operating profit of 2.42 trillion won and net income of 2.06 trillion won, increases of 102% and 97% respectively.
KB Securities narrowly missed the trillion-won club despite record results. Operating profit rose 16.7% to 911.5 billion won while net income increased 15.5% to 682.3 billion won. The shortfall reflected a 40.3% increase in credit loss provisions to 94 billion won, consistent with the financial holding company's conservative approach.
The primary driver behind the strong results is surging trading volumes from the market rally. According to the Korea Financial Investment Association, average daily trading value on domestic exchanges rose from 17 trillion won in January 2024 to 33 trillion won in December 2024, then to 62.3 trillion won in January 2025—a 339% increase over the year.
Brokerage commissions remain securities firms' most traditional revenue source. At Mirae Asset, brokerage revenue comprised 36% of standalone net operating revenue in 2025, with brokerage income jumping 43.6% to exceed 1 trillion won for the first time while total revenue grew 21.5%. At Kiwoom Securities, which has a high proportion of retail investors, brokerage revenue as a share of total revenue rose from 46.9% in 2024 to 50.17% in 2025.
Mid-sized brokerages are also benefiting from the bull market. Daishin Securities reported operating profit of 295.5 billion won and net income of 212.9 billion won, up 253.5% and 47.7% respectively.
Proprietary trading income also surged. Trading revenue at Mirae Asset rose 13.9%, accounting for 45% of total revenue in 2025. Korea Investment Securities, where trading comprises over 60% of revenue, posted combined trading and investment banking revenue of 531.8 billion won in the third quarter of last year, up 19.9% year-over-year. Major brokerages are pursuing new revenue streams through integrated investment accounts (IMA), commercial paper issuance, and distribution of overseas fund products.
In 2023, no brokerage exceeded 1 trillion won in operating profit due to economic slowdown and real estate project financing provisions. In 2024, five firms—Korea Investment, Samsung, Mirae Asset, Kiwoom, and Meritz Securities—joined the trillion-won club, driven by overseas stock commissions and investment banking revenue.
Industry observers express confidence that results could improve further if current market conditions persist. "Average daily trading value has exceeded 60 trillion won since the start of the year, driving commission income higher," said Jeon Bae-seung, analyst at LS Securities. "Additional benefits are expected from the government's KOSDAQ revitalization policy and growth in the ETF market and retirement pension assets."