South Korean asset managers' Q2 net profit surges 80% on commission gains

Asset management firms in South Korea experienced a significant surge in their combined net profit during the second quarter, with an increase of over 80% compared to the previous quarter. This growth, amounting to 2.69 trillion won (US$2.01 billion), was primarily fueled by a substantial rise in commission income, which climbed 38% to 2.61 trillion won. The bullish stock market environment contributed to this performance, boosting overall operating income by 79% to 2.42 trillion won. As of the end of June, total assets under management had grown to 2,777.5 trillion won, up from 2,355.7 trillion won three months prior. The sector's return on equity also saw a notable improvement, increasing by 20.8 percentage points to 51.9% by the close of the second quarter. The Financial Supervisory Service reported that there were 513 asset management firms operating in South Korea as of the end of June.