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Asset-management firms see Q1 profits fall 17.1 pct

All News 08:59 June 07, 2017

SEOUL, June 7 (Yonhap) -- Asset-management companies in South Korea saw their combined net profit decline 17.1 percent on-year during the first quarter of this year, hit by a fall in commission fees, official data showed Wednesday.

The combined net income of 175 asset-management firms stood at 112.1 billion won (US$100 million) for the January-March period, according to the data by the Financial Supervisory Service.

During the quarter, fees and commission revenues dropped 9.1 percent to 471.1 billion won, it said.

Compared with a quarter earlier, however, their combined net profit surged 62.9 percent.

Of the 175 asset-management firms, 102 firms reported a net profit during the first quarter, according to the data.

Their combined return on equity stood at 8.9 percent for the quarter, up 3.3 percentage points from three months ago.

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