Hanwha Investment swings to operating profit in Q2 on brisk WM biz

2020.09.10 14:01:16 | 2020.09.10 14:01:48

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Hanwha Investment & Securities Co. made a turnaround in the second quarter ended June this year despite the Covid-19 rout, as its wealth management business saw a surge in profits thanks to the customer-centered management.

The company swung to an operating profit of 42.7 billion won ($36 million) during the April to June period.

The growth was driven by its WM division that posted 47.2 billion won in net operating profit, up 45 percent from the same period a year ago.

The increasing direct transactions of retail investors and brisk overseas stock trading would continue to boost the profit of the WM business in the rest of the year.

The company has put top priority in customer-centered ethical management under the leadership of CEO Kwon Hee-baek who has been urging employees to maintain integrity. It won a top prize in the investor protection category of the 2020 Korea Fund Awards organized by fund evaluator KG Zeroin.

The company ranked second out of 28 banks, insurers and brokerages in fund sale monitoring done by Korea Financial Investors Protection Foundation. The institution sends an investigator disguised as an investor to the 28 companies to assess fund sale and counselling capabilities.

Hanwha Investment is seeking to strengthen its overseas business to promote future growth drivers. The company launched Pinetree Securities in Vietnam in December after acquiring Hanoi-based HFT Securities in April 2019. It aims to become a leading financial institution in the Southeast Asian region by 2025 by strengthening digital financial platform that enhances investor convenience and meets personal demands of customers.

By Kim Gi-chul and Choi Mira

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