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Brokerages' Q1 net halves on decreased investment gains

Industry 12:00 June 16, 2020

SEOUL, June 16 (Yonhap) -- South Korean securities companies saw their combined net profit fall 50.1 percent in the first quarter from a quarter earlier due to decreased profits in proprietary trading, data showed Tuesday.

The combined net profit of 56 brokerages stood at 527.4 billion won (US$436.7 million) in the January-March period, down 530 billion won from the end of December, according to the data from the Financial Supervisory Service.

The brokerages' gains from their proprietary trading came to 1.07 trillion won in the first quarter, down 7.3 percent from the end of December.

Still, brokerage commission fees were 2.97 trillion won in the first quarter, up 16.6 percent from a quarter earlier.

The brokerages posted a combined loss of 671.4 billion won in derivative-related products in the first quarter, down 1.11 trillion from the end of December, according to the data.

The securities firms saw their combined return on equity in the first quarter fall 1.7 percentage points to 0.9 percent.

At the end of March, the combined assets of 56 brokerages stood at 578.2 trillion won, up 19.7 percent from the end of 2019, according to the data.

This composite image shows South Korean brokerage firms. (Yonhap)

entropy@yna.co.kr
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