FY11 Q1 earnings showed steady growthsupported by strong market dominance in retail business, Net revenue: W276.4b, Pre-tax income: W105.5b.

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NR recorded W313.8b, PTI W94.5b based on consolidated financial statements under K-IFRS.

Major q-q changes in net revenue: Others rose q-q 184.1% to W23.2b due to dividend income from Samsung AM (W12.2b) and Samsung Futures (W2.6b). Commission expenses returned to normal from the temporary rise in FY10Q4 due to changes in accounting treatment for overseas subsidiaries commissions (q-q -54.4%). OCI recorded W10.8b as gain on valuation of AFS financial assets increased.

Maintained #1 in equity sales M/S*with W110.1b commissions backed by growth in retail & domestic institutional business.

Wrap account fees amounted to W29.7b with steady inflow of money (q-q -1.2%). Mutual fund sales commissions improved to W17.2b (q-q +3.8%) backed by active sales of equity funds.

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OTC derivatives sales commissions recorded W34.5b due to decrease in redeemed amount (q-q -12%). Investment banking commissions recorded W7.1b (q-q -3.8%).

Trading related income reduced to W25.5b (q-q -25%) due to the valuation loss as a result of widened negative bond-swap spread.Interest income rose 16.1% to W37.5b as the balance of margin loan and customers? deposit increased.

Cost to NR ratio(operating expenses/net revenue) enhanced to 61.8% (q-q -4.4%p). Operating expenses declined to W171b (q-q -3.5%) as personnel and advertising expenses reduced.