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Brokerages' overseas operations see profit jump in 2019

Finance 12:00 May 05, 2020

SEOUL, May 5 (Yonhap) -- Overseas branches of South Korean securities companies saw their combined net profit rise 48.5 percent in 2019 from a year earlier due mainly to increased interest income and earnings from commission fees, data showed Tuesday.

The combined net profit of 67 overseas branches of 14 securities companies stood at US$182.4 million in 2019, up $59.6 million won from 2018, according to the data from the Financial Supervisory Service.

The hike in net profit came on the back of increased interest income and earnings from commission fees.

The Financial Supervisory Service in Yeouido in western Seoul (Yonhap)

Securities companies' branches in Asia, including Hong Kong, Vietnam and Indonesia, accounted for 83.7 percent of their combined net profit last year.

Net profit of overseas branches of 14 securities has been on the rise since 2017.

The South Korean securities companies operate 67 branches in 14 countries, including nine in the United States and five in China.

At the end of last year, the total assets of securities companies' overseas branches stood at $58.47 billion, up 18.1 percent from a year earlier, the data showed.

entropy@yna.co.kr
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