Kiwoom (039490.KS) Q1 2026: Operating Profit Surges 91% to ₩621B
A ₩84.9 trillion daily trading environment inflated headline earnings to cycle highs, but roughly 60% of the operating profit increment came from securities book gains — raising questions about durability as market share in core brokerage continues its two-year slide.
Source: Q1 2026 Quarterly Report (분기보고서) — Filed May 13, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Kiwoom Securities posted consolidated operating profit of ₩621.2 billion in Q1 2026, a 90.9% year-on-year surge, while net profit reached ₩477.4 billion — more than doubling from the prior-year period at +102.6%. The result was achieved against an unusually favorable trading backdrop: domestic equity markets ran at an average daily volume of ₩84.9 trillion, a figure that stands out even by recent bull-market standards and drove commission income up 76.1% to ₩372.8 billion. Yet the decisive swing factor was not brokerage activity but the securities valuation and disposal line, which expanded from ₩139.6 billion to ₩892.1 billion — a 539% gain that, paired with its ₩570.1 billion derivative hedge loss, produced a net trading income of ₩322.0 billion, up 120% year-on-year. Beneath the headline, Kiwoom's equity brokerage market share declined for the second consecutive year, from 19.21% in FY2024 to 16.38% in Q1 2026, signaling that even as the aggregate trading pool expands, the firm is ceding ground to newer competitors.
