Asset firms' profit drops 3.6% in Q3

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Asset firms' profit drops 3.6% in Q3

Published: 25 Nov. 2024, 10:41 Updated: 25 Nov. 2024, 12:11

The headquarters office of Financial Services Commission located inside the government complex in Jongno District, central Seoul. [NEWS1]

Asset management firms in Korea saw their combined net profit decline 3.6 percent from a year earlier in the third quarter on a fall in income from securities investments, data showed Monday.

The combined net income of asset management firms in the country came to 421 billion won ($299 million) in the three-month period ending in September, down from 435 billion won a year earlier, according to preliminary data from the Financial Supervisory Service (FSS).

The tally also marks a 27 percent drop from three months earlier.

The decrease was largely attributed to a slip in gains from securities investments.

Operating income rose to 398 billion won in the third quarter from 345 billion won a year earlier.

Their return-on-equity, a major gauge of profitability, stood at 10.8 percent at the end of September, down from 12.8 percent a year ago.

Total assets under management had come in at 1.63 quadrillion won as of end-September, up from 1.46 quadrillion won a year earlier.

There were 483 asset management firms active as of the end of the third quarter, the FSS said.

Yonhap