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Mirae Asset Securities Issuer Flash: 2Q 2026 Results

Issuer: Mirae Asset Securities | Document: Issuer Flash | Date: 2026-08-21 | Event: Q2 2026 Results

Report date: 2026-08-21
Event date: 2026-08-12
Event title: 2Q 2026 Results

1. Flash Conclusion

Mirae Asset Securities' second-quarter result is credit-positive, but it does not by itself change the credit view set out in the May issuer summary and the Q1 Flash. Consolidated net income rose to KRW1.91 trillion from KRW1.00 trillion in Q1, while operating profit reached KRW2.49 trillion. The issuer-distributed release also reported KRW2.53 trillion of pre-tax income and KRW1.91 trillion of net income. This exceptional profit supports reported capital formation and demonstrates strong operating momentum across a large Korean securities-company franchise. It should not, however, be equated with recurring debt-service capacity or treated as evidence that funding and liquidity risks have receded.

The credit read-through remains balanced because the same quarter brought further balance-sheet expansion. Consolidated assets rose to KRW195.6 trillion from KRW169.9 trillion at end-Q1 and total liabilities increased to KRW179.4 trillion from KRW155.5 trillion. Higher equity and reported cash and deposits are directly supportive. Higher customer deposits are a franchise and funding-access indicator, but their stress stability, maturity profile and client behaviour are not established by the source set. Total borrowings also rose to KRW85.0 trillion. Repo sales declined from the Q1 level but remained KRW47.9 trillion. The result therefore reinforces the issuer's capacity to absorb losses while keeping the focus on risk-adjusted capital, collateralised and wholesale-funding resilience, and the reversibility of market-related income.

2. What Was Announced

Mirae Asset Securities distributed its 2Q 2026 results on 12 August, with the supporting earnings release and financial statements available in its official IR archive on 14 August. The official Q2 statements show consolidated operating revenue of KRW21.63 trillion, operating profit of KRW2.49 trillion and net income of KRW1.91 trillion. Net income attributable to the controlling interest was KRW1.90 trillion, compared with KRW996.2 billion in Q1.

The result reflects both franchise activity and the market-sensitive nature of a securities-company income statement. Consolidated commission revenue increased to KRW910.8 billion from KRW726.7 billion in Q1; brokerage commissions increased to KRW692.6 billion from KRW534.1 billion. The official XLSX also contains a large line labelled FVPL-Gain on Valuation (Sales), at KRW17.63 trillion versus KRW10.37 trillion in Q1. That statement line is not a pure valuation-gain measure: the available source set does not decompose it into recurring client income, realised trading and valuation effects. The official financial statements therefore support a conclusion that client activity improved and that market-linked financial-instrument effects are material, without quantifying the portion of net income attributable to any one effect.

End-quarter client balances also expanded. Official factsheet data show WM-product balances of KRW254.4 trillion, brokerage assets of KRW438.9 trillion and retirement-pension balances of KRW52.0 trillion, each higher than at end-Q1. These indicators support the depth of the franchise and fee opportunity. They do not provide the stability of insured bank deposits, and their credit benefit depends on market values, client behaviour and the issuer's ability to maintain service and funding access through stressed markets.

3. Credit Read-Through

The profit is supportive for loss absorption. Consolidated equity increased to KRW16.25 trillion from KRW14.35 trillion at end-Q1 and cash and deposits increased to KRW11.18 trillion from KRW9.45 trillion. The issuer-distributed release describes strength in brokerage, wealth management, trading and overseas operations; the official statement data corroborate the higher commission income and larger client balances. This is constructive for financial flexibility if earnings are retained and if risk growth remains controlled.

The quality and durability of the headline earnings are the important constraint. The large official FVPL-Gain on Valuation (Sales) operating-revenue line and the increase in FVPL financial assets to KRW89.68 trillion from KRW77.56 trillion are consistent with a market-facing financial institution whose earnings and capital can be exposed to valuation, trading, interest-rate, FX and liquidity shocks. They do not establish the share of net income attributable to valuation, realised trading or recurring client income. The available materials therefore do not permit a stress-behaviour assessment for the relevant positions or a precise measure of earnings repeatability.

Funding remains material to the credit case. Consolidated customer deposits increased to KRW25.03 trillion, whereas repo sales decreased to KRW47.85 trillion from KRW49.65 trillion. Total borrowings increased to KRW84.97 trillion and issued commercial paper to KRW10.58 trillion. The decline in repo sales is favourable in isolation, but the total balance-sheet and borrowings increase prevents a broad conclusion that leverage or funding risk improved. Customer deposits, repos and commercial paper should be assessed by legal entity, currency, maturity, collateral and rollover characteristics, none of which is fully available in the source set.

Accordingly, the result strengthens the existing neutral-to-positive credit trajectory rather than warranting an upgrade. The principal positive is higher reported capital generation alongside a broad client franchise. The principal caution is that the business remains market funded and valuation sensitive, so a credit assessment should weight regulatory capital and stress liquidity more heavily than a single quarter's accounting earnings.

4. Key Numbers

Consolidated metric 2Q 2026 1Q 2026 Credit read-through
Operating profit KRW2.49tn KRW1.38tn Stronger earnings support capital formation, but are market sensitive.
Net income KRW1.91tn KRW1.00tn Exceptional reported profitability; do not annualise.
Total assets KRW195.61tn KRW169.87tn Rapid balance-sheet expansion raises the importance of risk-adjusted capital.
Total shareholders' equity KRW16.25tn KRW14.35tn Positive loss-absorption trend; regulatory-capital detail remains unconfirmed.
Cash and deposits KRW11.18tn KRW9.45tn A larger liquidity buffer, without a maturity/currency stress analysis.
Total borrowings KRW84.97tn KRW83.02tn Market-funding reliance remains significant.
Repo sales KRW47.85tn KRW49.65tn Lower quarter on quarter, but still material to collateral and rollover risk.
Customer deposits KRW25.03tn KRW21.75tn Franchise/funding-access indicator; stress stability, maturity and client behaviour are unconfirmed and it is not equivalent to cash or bank-style stable funding.

5. What To Watch Next

  1. Obtain regulatory-capital, leverage and risk-weighted metrics to test whether the earnings and higher equity translate into a stronger risk buffer.
  2. Assess borrowings, repos, commercial paper and client balances by maturity, currency, legal entity and collateral terms; cash and deposits alone do not establish stressed liquidity.
  3. Separate fee and client-balance income from fair-value, trading, FX and investment-valuation effects in subsequent results, particularly if market conditions weaken.
  4. Monitor the size, valuation governance and impairment sensitivity of fair-value and alternative investments, including real-estate and other illiquid-risk exposures identified in the existing issuer coverage.
  5. Monitor whether balance-sheet growth, shareholder returns, overseas investment and expansion of proprietary exposures consume the capital generated in 2026.

6. Sources

7. Unverified / Pending