Daeshin Securities (003540.KS) Q1 2026: Net Profit Surges 89%
A near-doubled proprietary trading book and a brokerage fee surge converge for the strongest quarterly result in recent memory — but 47% of pre-tax income traces to non-operating items, tempering the headline read.
Source: Q1 2026 Quarterly Report (66th Fiscal Year, 1st Quarter) — Filed with DART, period ending 31 March 2026 | Consolidated Financial Statements | Unit: ₩ billions unless stated
Daeshin Securities posted consolidated net profit of ₩145.5 billion in Q1 2026, an 89.3% year-on-year leap from the ₩76.8 billion earned in the same period of 2025 — a figure that equals 78% of the ₩186.7 billion delivered across the entire FY2025 in a single quarter. The performance was powered by two simultaneous tailwinds: a surge in equity brokerage volume driving commission income, and a substantial contribution from the Capital Markets (CM) division's proprietary trading book in equities, bonds, and derivatives, which the company itself cited alongside commission income as the primary drivers. Net commission income of ₩174.1 billion was the single largest revenue component, yet the segment that generated the most operating profit was Retail brokerage at ₩137.9 billion — despite contributing just 8.1% of total operating revenue — underscoring the exceptional margin leverage embedded in the brokerage franchise. Two structural features qualify the headline: nearly 47% of pre-tax income originated outside of core operations, and the 48% asset expansion during FY2025 that underpins this result brought with it a materially enlarged risk profile that the NCR trajectory has already begun to reflect.
