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)
