Securities firms' Q2 net sharply up on commission income, FX gains

securities firms-Q2 earnings

Securities firms' Q2 net sharply up on commission income, FX gains

SEOUL, Sept. 4 (Yonhap) -- Securities companies in South Korea saw their net profit spike in the second quarter on the back of a rise in commission income and gains from foreign exchanges, data showed Thursday.

The combined net profit of 60 domestic securities firms came to 2.85 trillion won (US$2.05 billion) in the April-June period, up 60 percent from a profit of 1.78 trillion won a year earlier, according to the data from the Financial Supervisory Service.

From three months earlier, their net profit rose 16.7 percent, the data showed.

The companies' combined net income from commission fees jumped 19.6 percent on-year to 3.85 trillion won in the second quarter, aided by a surge in stock trading, while their combined income from their own investment or stock trading gained 9.2 percent to 3.24 trillion won over the cited period.

Their combined assets stood at 851.7 trillion won as of end-June, up 6.7 percent from three months earlier, and debts gained 7 percent to 755.2 trillion won over the cited period.

Their capital base climbed 3.9 percent on-quarter to 96.5 trillion won, the data showed.

Meanwhile, three futures firms racked up a net profit of 22.5 billion won in the second quarter, down 0.4 percent from a year earlier, according to the data.

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