[증권사 금리 역풍]④ NH證, 트레이딩 운용 효율 '물음표'

NH Securities' trading operations generated over 3 trillion won in revenue but only 700 billion won in operating profit, raising questions about operational efficiency in rising interest rate environments. When rates climb, hedging costs, funding expenses, and mark-to-market losses increase simultaneously, making cost control and risk management the decisive factors for profitability. This highlights why securities firms' earnings stability will depend less on revenue scale and more on operational excellence.