Meritz Financial Group Inc. (KRX: 138040)

Meritz Financial Group Income Statement

Financials in millions KRW. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	1,059,627	1,050,351	862,196	665,960	719,801	803,085
Interest Income on Investments	2,945,367	2,917,223	2,159,748	1,315,763	1,165,072	1,087,958
Total Interest Income	4,004,994	3,967,574	3,021,944	1,981,723	1,884,873	1,891,043
Interest Paid on Deposits	451,787	416,704	25,309	2,530	5,092	23,114
Interest Paid on Borrowings	1,435,339	1,436,717	958,528	471,424	504,562	532,173
Total Interest Expense	1,887,126	1,853,421	983,837	473,954	509,654	555,287
Net Interest Income	2,117,868	2,114,154	2,038,107	1,507,769	1,375,219	1,335,756
Net Interest Income Growth (YoY)	-4.38%	3.73%	35.17%	9.64%	2.95%	13.57%
Income From Trading Activities	-29,603,422	-38,797,107	-47,539,139	-16,662,031	-10,139,385	-6,807,564
Gain (Loss) on Sale of Assets	-96,138	-114,161	-115,275	-28,892	-14,878	98,213
Gain (Loss) on Sale of Investments	186,130	-147,779	-514,141	-247,677	-172,709	-94,466
Gain (Loss) on Sale of Equity Investments	45,754	45,754	52,214	85,159	32,712	24,496
Other Non-Interest Income	41,531,612	50,855,865	60,616,589	30,924,457	23,716,795	18,277,212
Total Non-Interest Income	12,151,089	11,920,889	12,557,482	14,118,174	13,439,585	11,527,917
Non-Interest Income Growth (YoY)	1.03%	-5.07%	-11.05%	5.05%	16.58%	23.63%
Revenues Before Loan Losses	14,268,957	14,035,042	14,595,589	15,625,944	14,814,804	12,863,672
Provision for Loan Losses	166,351	171,168	53,820	45,080	63,924	80,368
Revenue	14,102,606	13,863,874	14,541,769	15,580,864	14,750,880	12,783,304
Revenue Growth (YoY)	-0.19%	-4.66%	-6.67%	5.63%	15.39%	21.73%
Salaries and Employee Benefits	513,808	439,115	598,346	964,410	668,609	534,865
Occupancy Expenses	28,093	28,511	28,114	97,173	93,539	71,518
Amortization of Goodwill & Intangibles	15,011	15,133	4,791	78,301	90,158	102,468
Selling, General & Administrative	89,077	65,093	65,467	729,530	848,242	916,496
Other Non-Interest Expense	10,196,454	10,366,375	10,898,150	11,812,689	11,746,768	10,056,866
Total Non-Interest Expense	10,886,038	10,947,372	11,624,654	13,685,412	13,458,243	11,686,262
EBT Excluding Unusual Items	3,216,568	2,916,502	2,917,115	1,895,452	1,292,637	1,097,043
Asset Writedown	-72,578	-72,578	-3,340	2,193	-3,520	596
Pretax Income	3,143,990	2,843,924	2,913,775	1,897,645	1,289,117	1,097,639
Income Tax Expense	795,574	719,189	778,541	519,017	363,813	310,551
Earnings From Continuing Operations	2,348,416	2,124,735	2,135,235	1,378,627	925,304	787,088
Earnings From Discontinued Operations	-	641.51	-1,895	4,620	-	-
Minority Interest in Earnings	-20,719	-83,628	-741,618	-594,025	-435,588	-388,718
Net Income	2,327,697	2,041,749	1,391,722	789,222	489,716	398,370
Preferred Dividends & Other Adjustments	34,662	26,528	-	26,575	14,815	15,215
Net Income to Common	2,293,035	2,015,221	1,391,722	762,647	474,901	383,155
Net Income Growth	20.15%	46.71%	76.34%	61.16%	22.93%	26.80%
Basic Shares Outstanding	186	183	123	129	132	137
Diluted Shares Outstanding	187	184	124	129	132	137
Shares Change (YoY)	11.39%	48.29%	-4.11%	-2.19%	-3.89%	-0.57%
EPS (Basic)	12310.05	11019.28	11303.14	5932.04	3596.00	2797.00
EPS (Diluted)	12276.52	10970.49	11029.70	5903.76	3571.45	2716.00
EPS Growth	7.93%	-0.54%	86.82%	65.30%	31.50%	31.32%
Dividend Per Share	2360.000	2360.000	-	-	-	-
Effective Tax Rate	25.30%	25.29%	26.72%	27.35%	28.22%	28.29%

Source: S&P Capital IQ. Banks template. Financial Sources.