STOCKS | South Korean Brokerages' Q2 Net Profit Jumps 20% on Trading Surge

South Korean brokerages reported a 20% quarter-on-quarter jump in second-quarter net profit, driven mainly by higher commission income from a surge in stock trading. According to Sina Finance, data from the Financial Supervisory Service showed that 61 domestic brokerages posted combined net profit of 5.19 trillion won in the second quarter, up from 4.33 trillion won in the first quarter. Commission fee income rose 32.5% quarter on quarter to 8.87 trillion won, while total revenue from proprietary investment and stock trading businesses increased 45.8% to 5.98 trillion won. Stock turnover reached 4.438 trillion won in the April-to-June period, sharply higher than 2.775 trillion won in the previous quarter. As of the end of June, total assets at securities firms stood at 1.256 trillion won, up 158 trillion won from three months earlier and 14.4% higher. Debt rose 15.1% over the same period to 1.141 trillion won, while the capital base of these brokerages increased 7.7% year on year to 115.1 trillion won.