Mirae Asset Securities posted a notable rebound in second-quarter earnings, with operating profit surging 83.1% to 540 billion won ($390 million) compared to the same period last year. The South Korean brokerage attributed the gains to stronger performance from its exchange-traded fund operations across the US, Europe and Hong Kong markets.
The results mark a recovery for the Seoul-based firm after full-year 2023 net income fell to 327 billion won from 686 billion won the previous year. The company’s ETF business has become increasingly central to its growth strategy as it positions itself as the world’s 12th-largest ETF provider.
Mirae Asset completed its acquisition of Indian brokerage Sharekhan in late 2024, paying approximately $360-480 million to acquire the firm from BNP Paribas. The deal, which received regulatory approval from Indian authorities, gives Mirae Asset access to Sharekhan’s 3.1 million clients and network of over 120 branches.
The acquisition represents part of Chairman Park Hyeon-joo’s broader international expansion strategy. Mirae Asset now operates 27 overseas subsidiaries across 10 countries, with plans to generate more than half its profits from international operations.
However, the company faces intensifying competition in both domestic and overseas markets as traditional brokerages adapt to digital transformation and fee compression pressures.
