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An electronic signboard at a Hana Bank dealing room in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,100.58 on Wednesday, up 15.91 points, or 0.52 percent, from the previous session's close. (Yonhap) |
Earnings of brokerage houses in South Korea soared to a record-high last year amid a stock rush, chasing closely after those of first-tier banks, data showed Sunday.
The combined operating profit of the top 20 brokerages by capital base stood at 7.85 trillion won ($7.09 billion) in 2020, soaring 36.7 percent from the previous year, according to the Financial Supervisory Service's regulatory filing.
The brokerages' yearly net profit jumped 25.1 percent on-year to 5.96 trillion won.
Their total operating income accounts for nearly 70 percent of that by the country's big-four first-tier banks -- KB Kookmin, Shinhan, Hana and Woori -- during the cited period.
The annual operating income of Mirae Asset Daewoo Co., Ltd. surpassed the 1 trillion won-mark for the first time, closely followed by Kiwoom Securities Co.'s 954.9 billion won.
Only two of the 20 firms, Hanwha Investment & Securities Co., Ltd. and Korea Investment & Securities Co. Ltd., suffered operating losses last year.
Experts say the brokerages' earnings are likely to further rise this year, as record-low interest rates are driving massive amounts of cash from banks to the stock market. (Yonhap)
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