📉 Kiwoom Securities: Operating profit rose, but consolidated net profit fell - 2026.10.30

Hi, it’s Peanut. Let’s go through the numbers together, like asking a friend who’s good with figures to double-check them by your side. The key point in today’s Kiwoom Securities story is that third-quarter net profit reads differently from the operating profit picture 📊 Net profit was about 238,500,000,000 KRW, down 26% from a year earlier ^[1]. Another outlet reported the same figure, 238,500,000,000 KRW, down 26.0% ^[3].

📉 Operating profit rose, so why did net profit fall?

According to an article by Today Economy, standalone operating profit posted double-digit growth thanks to higher revenue from brokerage, investment banking (IB), and trading ^[2]. However, consolidated results declined year over year, with the slowdown in stock market trading value cited as a factor ^[2]. One report put operating profit at 406,100,000,000 KRW ^[1], but it’s easy to get confused if you mix up standalone and consolidated figures. Is that really the case? Before deciding whether things look good or bad based on a single number, first check which set of accounts it refers to.

💼 IB fees are emerging as a new pillar

Greenpost Korea reported that Kiwoom Securities’ IB fee revenue has nearly tripled over the past two years and rose by more than 50% quarter over quarter in the second quarter of this year ^[4]. The business is shifting from a model reliant on stock brokerage alone toward corporate finance. Peanut sees this as a welcome change. But one question remains: can this growth be verified as sustainable enough to make up for slower trading activity? The materials reviewed this time did not provide a separate figure for third-quarter IB fees.

⚠️ Let’s also consider trading value, broker views, and a bearish scenario

By analogy, brokerage is like a steady stream of regular customers, so a drop in trading value is felt immediately in revenue ^[2]. One bearish scenario to keep in mind: even if operating profit looks good, a high dependence on trading flows calls for caution about the possibility of a value trap. Brokerage views are also divided. According to the article, as of the end of September, Kiwoom Securities and Mirae Asset Securities were the only two of the 10 major securities firms with a sell-rating share above 0%; Kiwoom’s share was 0.5% ^[5]. This percentage does not mean it is the company’s plan; it simply reflects the distribution of research ratings. The article also covered an expert’s comment that sell ratings could affect matters such as corporate bond issuance ^[5].

The stock closed at ₩218,000 on October 30, down -7.82% from the previous day. The prior close was ₩236,500, and trading volume was 107,013. For a short- to medium-term swing view, the next checkpoint is whether this decline was a reaction to the earnings figures or driven by other factors.

🛑 Here are the remaining variables

Peanut thinks the key questions are whether the decline in consolidated net profit was a one-off and whether the slowdown in trading value will persist. It remains to be seen whether IB fee growth can fill that gap, and whether the divide between standalone and consolidated results will continue next quarter. It’s the interesting point of today’s story: it’s the same company, yet operating profit rose while net profit fell 🥜

📰 Reference News (5)

1

Kiwoom Securities’ third-quarter net profit 238,500,000,000 KRW… down 26% year over year

네이버뉴스 · 2026.10.30

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2

[Issue] Kiwoom Securities’ third-quarter operating profit rose 26%, but… consolidated net profit fell - Today Economy

네이버뉴스 · 2026.10.30

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3

Kiwoom Securities’ third-quarter consolidated net profit: 238.5 billion… down 26.0% year over year - Yonhap Infomax

연합인포맥스 · 2026.10.29

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4

Kiwoom Securities’ IB fee revenue triples in two years··· Corporate finance growth takes off - Greenpost Korea

네이버뉴스 · 2026.10.29

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5

KB Securities’ ‘buy’ consensus grows stronger… largest upside among the top 10 firms

네이버뉴스 · 2026.10.30

📰 View original