asset managers-Q2 earnings

SEOUL, Sept. 11 (Yonhap) -- Asset management firms in South Korea saw their combined profit soar by more than 80 percent in the second quarter from three months earlier on a rise in commission income amid a bullish stock market, data showed Friday.

The combined net income of asset management firms here came to 2.69 trillion won (US$2.01 billion) in the April-June period, up from a net profit of 1.47 trillion won three months earlier, according to the preliminary data from the Financial Supervisory Service (FSS).

The increase was largely attributed to a rise in commission income.

The companies' combined operating income came in at 2.42 trillion won in the second quarter, up 1.07 trillion won, or 79 percent, from the previous quarter.

Their commission income surged 38 percent on-quarter to 2.61 trillion won over the cited period.

Their return-on-equity, a major gauge of profitability, stood at 51.9 percent at the end of June, up 20.8 percentage points from three months earlier, the data showed.

Total assets under management stood at 2,777.5 trillion won as of end-June, up from 2,355.7 trillion won three months earlier, according to the latest findings.

There were 513 asset management firms here as of end-June, the FSS said.

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