Kiwoom Securities posts stronger-than-expected results for the second quarter, helped by rising trading value in the domestic stock market and solid performance in its sales and trading business.

Kiwoom Securities said in a regulatory filing on Wednesday that its second-quarter operating profit on a consolidated basis was provisionally tallied at 789 billion won, up 93.2 percent from a year earlier.

Revenue rose 256.7 percent to 16.07 trillion won. Net profit increased 119.4 percent to 681 billion won.

Growth in the stock brokerage business led results. Kiwoom Securities' second-quarter stock commission revenue was 452 billion won, up 178.3 percent from a year earlier.

Its average daily trading value was 3.63 trillion won, up 236.1 percent from the same period last year. The company said increased market volatility and a rise in retail investor trading led to higher commission revenue.

Operating profit and dividend and distribution income in the sales and trading division was 249 billion won, up 104.9 percent from a year earlier. Client assets under management rose 54.4 percent to 2.61 trillion won.

Revenue from the investment banking business was 83.3 billion won, up 6.4 percent from the same period last year.

In the equity capital markets business, it participated in Innospace's rights offering in June. In debt capital markets, it handled bond issuance for Lotte Chemical, HL Mando, Shinsegae, Korean Air, Hyundai Department Store and CJ Freshway, among others.

In acquisition finance, it arranged refinancing for UCK Partners' acquisition financing for Sulbing and for Seo Young ENT's acquisition financing for B&B Korea. It also handled acquisition financing for Daol Private Equity's Eurobake.

A Kiwoom Securities official said, "Stock commission revenue expanded as average daily trading value rose sharply from a year earlier on the back of higher market trading value."