Brokerages' Q1 profit more than doubles on stock rally

South Korean brokerage firms saw their combined net profit surge 113.2 percent on quarter in the first quarter, thanks to a stock rally that helped them earn higher commission fees, data showed Thursday.

The combined net profit of 57 brokerages stood at 2.98 trillion won ($2.7 billion) in the first quarter, compared with a profit of 1.58 trillion won a quarter ago, according to the data from the Financial Supervisory Service.

The combined brokerage fees stood at 4.54 trillion won in the first quarter, up 24.5 percent from a year ago.

The brokerages posted a combined loss of 189.4 billion won in derivative-related products in the first quarter, compared with a profit of 259.2 billion won a quarter earlier.

At the end of March, the combined assets of 57 brokerages stood at 618.6 trillion won, up 1.5 percent from the end of last year, according to the data. (Yonhap)