Securities firms are shown in Seoul’s financial district of Yeouido, Dec. 24, 2025. Yonhap
Securities firms are increasingly outperforming banks and their holding companies in the finance industry, an unusual reversal in a sector long dominated by traditional banking, industry officials said Friday.
Among the leading brokerages, Mirae Asset Securities surpassed Woori Financial Group — the holding company of flagship affiliate Woori Bank — in market capitalization, while Korea Investment & Securities outperformed NH NongHyup Bank in net income.
As of Friday, Mirae Asset Securities’ market capitalization stood at 27.22 trillion won ($18.53 billion), ranking 27th on the benchmark KOSPI among 841 listed companies.
It trails KB Financial Group, the country’s largest financial holding company with 55.66 trillion won (12th), Shinhan Financial Group at 45.44 trillion won (15th) and Hana Financial Group at 31.89 trillion won (22nd). Woori Financial Group, the smallest of the four bank groups, occupies 31st place with 23.82 trillion won.
According to the Korea Exchange, it is the first time that a securities firm’s market capitalization has surpassed any of the top four financial holding companies.
“Mirae Asset Securities’ performance is particularly noteworthy, given that bank-oriented financial groups have an advantage over non-banking firms, as their banking arms generate stable interest income and consistently high net profits,” an industry official said.
He noted that the four major financial holding companies reported a combined net income of more than 18 trillion won in 2025, the highest on record.
As for Korea Investment & Securities, it is expected to record net income of more than 2 trillion won in 2025 after posting 1.67 trillion won in the first three quarters.
The company will report its full-year earnings in March.
The brokerage has already outperformed NH NongHyup Bank, which recorded a cumulative net income of 1.57 trillion won through the third quarter of 2025 — nearly 100 billion won less than Korea Investment & Securities.
On a full-year basis, the country’s fifth-largest commercial lender under NongHyup Financial Group is unlikely to meet its target of 1.83 trillion won.
“It is rare for a securities firm to surpass a major bank in net income, except in unusual circumstances such as the Asian financial crisis in the late 1990s,” another industry official said.
Analysts attributed securities firms’ expanding presence to a bullish KOSPI, which has surpassed the historic 5,000-point mark, leading to monthly trading volume exceeding 820 trillion won and generating substantial brokerage commissions for securities firms.
Under the circumstances, a financial holding company PR staff said, “There is a strong sense of urgency among the groups to shift away from banking-oriented portfolios, as securities firms are now making more money than banks.”
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