[Digital Today reporter Sangyoup Oh (오상엽)] Securities firms are rolling out shareholder return policies at an unprecedented scale as the annual general meeting season begins. Large brokerages that posted record results last year, as well as mid-sized and smaller firms with solid profitability, are joining in by increasing dividends and cancelling treasury shares as competition to boost corporate value heats up.

As of March 13, Korea Investment Holdings has decided on a cash dividend of 8,690 won per common share, totalling 507.8 billion won, the financial investment industry said. That is up 118.1 percent from a year earlier, the highest growth rate in the industry.

Mirae Asset Securities will pay total dividends of 465.3 billion won, combining a cash dividend of 300 won per share with a stock dividend worth 500 won per share. Including the cancellation of 170.1 billion won worth of treasury shares, total shareholder returns amount to 635.4 billion won and the shareholder return ratio reaches 40.2 percent.

Samsung Securities decided on a dividend of 4,000 won per common share, posting a dividend yield of 5.0 percent, among the highest among large firms. Kiwoom Securities set the highest dividend per share at 11,500 won, and its payout ratio is about 27.0 percent.

NH Investment & Securities approved a cash dividend of 1,300 won per common share and 1,350 won per preferred share. Total dividends amount to 487.8 billion won, and it has maintained an aggressive return stance, including a 50 billion won share buyback carried out early this year.

The key theme this annual meeting season is the aggressive moves by large firms to share earnings growth with shareholders. Moves are particularly clear to meet the requirements for high-dividend companies under the government's corporate value-up programme stance.

Smaller and mid-sized brokerages are highlighting differentiated appeal, using high dividend yields and shareholder return ratios as strengths. Moves by Hanyang Securities and DB Securities stand out in particular.

Hanyang Securities posted an overwhelming figure in terms of dividend yield. It confirmed dividends of 1,600 won per common share, with a dividend yield of 6.9 percent, and 1,650 won per preferred share, with a dividend yield of 7.5 percent, actively returning profits to shareholders. Total dividends amount to about 21.1 billion won.

DB Securities plans to approve its largest-ever cash dividend of 550 won per share at an annual meeting on March 26. Total dividends amount to 22.2 billion won, and it achieved a shareholder return ratio of 41 percent based on 2025, marking more than 40 percent for two consecutive years. It aims to meet the government's requirements for high-dividend companies and seek to raise shareholders' effective returns.

Yuanta Securities decided on a dividend of 220 won per share and posted a high payout ratio of 47.9 percent. Kyobo Securities is paying 550 won per share through a differentiated dividend that excludes the largest shareholder, continuing efforts to boost shareholder value.

Even as most brokerages move to increase dividends, Daishin Securities maintained a dividend of 1,200 won per share to shore up capital, taking a cautious stance.

Daishin Securities set the period through 2028 as a capital expansion phase and plans to focus on strengthening equity capital, while it also cancelled 15.35 million shares of treasury stock last month as it pursued shareholder-friendly efforts in parallel.

The market expects brokerages' earnings to improve further and their capacity for shareholder returns to increase as a 'money move' phenomenon gathers pace amid a stock market boom, with average daily trading value surpassing 100 trillion won.

An industry official said competition among brokerages for high dividends would continue for the time being as they seek to benefit from measures such as separate taxation on dividend income, in tandem with the implementation of amendments to the Commercial Act. The official added that differences in the intensity of return policies may exist depending on each company's capital expansion strategy.