Asset managers' Q2 net up 3.2% on commission fees

The combined net profit of asset management firms in South Korea rose 3.2 percent in the second quarter from three months earlier on a modest rise in commission fees, data showed Thursday.

Their net income amounted to 609.4 billion won ($526 million) in the April-June period, compared with 590.4 billion won in the first quarter, according to the Financial Supervisory Service (FSS).

Compared with a year earlier, their net profit surged 91.6 percent, it said.

The solid earnings were mainly due to a fall in operating costs and a rise 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.

Their combined assets came to 1,268.5 trillion won as of end-June, up 2.5 percent from three months ago. (Yonhap)