SEOUL, March 24 (Yonhap) — The combined net profit of asset management companies in South Korea surged 62.4 percent in 2020 from a year earlier due to a strong gain in commission fees amid a bullish stock market, data showed Wednesday.

The combined net profit of 326 asset management firms came to 1.33 trillion won (US$1.17 billion) last year, up 511.8 billion won from a year ago, according to the Financial Supervisory Service (FSS).

Analysts attributed the jump in their earnings to the bullish run of the South Korean stock market despite the coronavirus pandemic.

South Korea’s benchmark KOSPI index gained about 30 percent last year.

Their combined assets came to 1,197.8 trillion won at the end of last year, up 5.4 percent from a year ago.

According to the FSS, 72 asset management firms, or 22.1 percent of the total, reported net losses last year, with the remainder posting net profits.

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