SEOUL, South Korea, Aug. 13, 2024 /PRNewswire/ -- Toss Securities has reported a strong performance in the first half of 2024. The company posted operating profit of $22.3 million (KRW 30.6 billion), achieving its full-year target within the first six months of the year.
This continued solid performance is attributed to Toss Securities' robust U.S securities trading services, reporting a 96% increase in trading volume year-over-year. Domestic securities trading also recorded a 38.7% increase in trading volume year-over-year.
In addition, Toss Securities reported a net profit of $25.1 million (KRW 34.3 billion) during the same period, marking a significant improvement from the previous year. The company also reported significantly higher revenue of $128 million (KRW 175.1 billion), up 81.6% compared to the first half of 2023.
Following its quarterly profit in Q1, the company's positive trajectory continued into the second quarter, with an operating profit of $13.4 million (KRW 18.3 billion) and a net profit of $16.4 million (KRW 22.4 billion), demonstrating its consistent profitability.
"Our strong performance in U.S. securities trading as a market leader in Korea has been instrumental in continuing our growth in the first half of the year," said Seungyeon Kim, CEO of Toss Securities. "For the second half, we anticipate an operating profit exceeding $43.9 million (KRW 60 billion) through product diversification such as our recently launched U.S. bonds and other additional streams of revenue."
Earlier this year, Toss Securities marked its third anniversary with a press conference. During the event, CEO Seungyeon Kim announced the launch of exciting initiatives for the coming year. These include channel diversification through Toss Securities' new PC-based Web Trading System (WTS) that was launched last month, as well as an expansion of product line-ups to include U.S. bonds trading. In three years of launch, Toss Securities has recorded rapid growth, attracting over 6.1 million customers. Monthly Active Users (MAU) reach over 3.2 million to date.
About Toss Securities
Toss Securities, a subsidiary company of Viva Republica, which operates the financial super app Toss, launched its customer service in March 2021. As a newly licensed securities company after 13 years, it provides user-centered services with UX/UI optimized for the mobile environment. In particular, it is the first in the industry to introduce an integrated account service that allows customers to conveniently trade multiple financial instruments from one account without installing a separate app, and as of July 2024, more than 6.1 million customers have used Toss Securities. Monthly Active Users (MAU) reach over 3.2 million to date. In addition to real-time overseas decimal stock trading, the company offers a variety of services such as community and customized content and is evolving into a data-driven investment platform.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Toss Securities Achieves Full-Year Profit Target in H1 2024, Led by Strong Performance in U.S. Securities Trading
