November 29, 2024

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Toss Securities CEO Kim Seung-yeon speaks during a press conference in Seoul on March 14. (Newsis)

Toss Securities, the online-only brokerage arm of Korean fintech giant Viva Republica, continues its upward trajectory, marking a significant milestone with its highest-ever quarterly net profit in the first quarter.

The company announced Monday that its net profit soared to a record 11.9 billion won ($8.7 million) in the first quarter, rebounding from a net loss of 400 million won in the same period last year.

This figure is equivalent to eight times the annual net profit of 1.5 billion won recorded in 2023, the year when the online brokerage first achieved an annual surplus since its inception in 2021.

In addition, the company reported an operating profit of 12.3 billion won in the first quarter, a turnaround from an operating loss of 400 million won a year ago. Sales also surged by 61 percent on-year to 79.9 billion won.

This quarter marks a significant milestone as both net profit and operating profit exceeded the 10 billion won mark for the first time. Since achieving its first-ever quarterly net profit and operating profit in the third quarter of last year, the company has maintained profitability and secured its first annual net profit, setting a precedent not only within Toss Securities but also among all Viva Republica affiliates.

The company attributed its success primarily to the growth in its overseas market transactions, which surged by 86 percent from the previous quarter to reach a new all-time high. Local stock trading volume also expanded by 70 percent during the same period.

The overseas stock exchange business has been driving the growth of Toss Securities. Last year, the firm's revenue from foreign securities custody fees surged by 75 percent on-year to 667 billion won, positioning the fledgling company fifth among local brokerages.

In announcing the achievements on Monday, CEO Kim Seung-yeon unveiled, "We have new products set for release in the second quarter, through which we will offer customers Toss Securities' core values and innovative experiences."

By Choi Ji-won (jwc@heraldcorp.com)