Seoul: Asset management firms in South Korea saw their profits soar 13 percent last year from a year earlier on a rise in commission income, data showed Sunday.
According to Yonhap News Agency, the combined net income of asset management firms in South Korea reached 1.81 trillion won (US$1.23 billion) in 2024. This marked an increase of 208 billion won from a 1.6 trillion-won profit the previous year, based on preliminary data from the Financial Supervisory Service (FSS).
The increase in profits was largely attributed to a rise in commission income. The companies' combined operating income rose to 1.67 trillion won from 1.51 trillion won in 2023.
Their return-on-equity, considered a major gauge of profitability, stood at 11.6 percent at the end of December, an increase from 11.1 percent a year ago. Total assets under management were valued at 1,656.4 trillion won as of the end of December, up 173.8 trillion won, or 11.7 percent, from the previous year, according to the data.
The data also indicated that there were 490 asset management firms in South Korea as of the end of December, a fact confirmed by the FSS.