Brokerages’ Q2 net more than triple on increased brokerage fees

SEOUL, Sept. 1 (Yonhap) — South Korean brokerage houses saw their combined net profit more than triple in the second quarter from three months earlier due mainly to increased brokerage fees, data showed Tuesday.

The combined net profit of 56 brokerages stood at 1.81 trillion won (US$1.5 billion) in the April-June period, compared with 521.5 billion won, according to the data from the Financial Supervisory Service.

The combined brokerage fees stood at 1.73 trillion won in the second quarter, compared with 1.37 trillion won in the first quarter.

The brokerages posted a combined loss of 1.23 trillion won in derivative-related products in the first quarter, down 83.5 percent from the first quarter.

At the end of June, the combined assets of 56 brokerages stood at 593.2 trillion won, up 2.6 percent from the end of March, according to the data.