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Asset managers' Q1 net up 53 pct on decreased costs

Finance 06:00 June 08, 2021

SEOUL, June 8 (Yonhap) -- The combined net profit of asset management firms in South Korea jumped 52.6 percent in the first quarter from three months earlier on decreased costs, data showed Tuesday.

Their net income amounted to 615 billion won (US$552 million) in the January-March period, compared with 403 billion won in the fourth quarter of last year, according to the Financial Supervisory Service (FSS).

Compared with a year earlier, their net profit surged 424.7 percent, it said.

The solid earnings came as a fall in operating costs outweighed a decline in commission income, according to the FSS.

Last year, asset managers reported a 62 percent on-year surge in earnings as the country's bullish stock market boosted their commission fees.

The benchmark KOSPI index jumped about 30 percent last year alone. But in the first quarter of this year, the stock index rose 6.5 percent.

Their combined assets came to 1,237.8 trillion won as of end-March, up 3.3 percent from the end of last year.

This file photo shows the logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul. (Yonhap)

sooyeon@yna.co.kr
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