Investment advisory firms in South Korea bounced back to a profit in fiscal 2020 as the local stock market remained bullish, data showed Monday.

The 228 investment advisers reported a combined net profit of 242.6 billion won ($215 million) in the fiscal year of 2020, according to the data from the Financial Supervisory Service (FSS).

It marks a sharp turnaround from a total net loss of 37.7 billion won recorded the previous year.

The financial watchdog attributed the stellar performance to increased fees and returns from investments thanks to the bullish stock market.

As of end-March, those investment advisory firms had contracts worth a combined 14.5 trillion won, up 2.3 trillion won from a year ago.

Their average return on equity, a measure of profitability, stood at 39 percent, compared with minus 7.5 percent a year ago. (Yonhap)