[THE INVESTOR] The net profits of 54 local brokerages rose 1.5 percent on-quarter to 621.4 billion won (US$557.8 million) in the second quarter of the year, government data showed on Aug. 29.
Revenue from brokerage commissions came to 1.99 trillion won during the period, up 13.5 percent from a quarter earlier, on an increase in the stock trade following the Bank of Korea’s interest rate cut and Brexit vote, according to the data compiled by the Financial Supervisory Service.
In contrast, proprietary trading income dropped 23.9 percent to 708.3 billion won, mainly attributable to huge stock-related losses. Return on equity stood at 2.7 percent as of June 30.
The total assets of the securities firms increased 1.1 percent on-quarter to 384.6 trillion won in the second quarter. The amount of total debts came to 348.5 trillion won, up 1 percent from the previous quarter.
