SEOUL– South Korean brokerages posted a 62 percent on-year gain in their combined overseas net profit last year on increased stock trading amid the COVID-19 pandemic, the financial regulator said Sunday.
The country’s 13 securities companies reported US$305.9 million in overall overseas net income in 2021, up from $188.5 million a year earlier, the Financial Supervisory Service (FSS) said in a statement.
Their overseas net income has continued to rise over the past three years as an increasing number of investors bet on stocks amid the prolonged pandemic. In 2019, the corresponding figure was $186.8 million, the statement said.
“Increased commissions in seven countries, including Hong Kong and Vietnam, pushed up the annual net profit, offsetting losses caused by higher costs in China and five other countries,” it said.
In 2021, the 13 securities firms’ overseas assets fell 48 percent to $25.86 billion from $49.68 billion the previous year. But their combined capital rose 13 percent to $7.46 billion from $6.59 billion during the same period.
The 13 firms are Mirae Asset Securities Co., Korea Investment & Securities Co., NH Investment & Securities Co., Shinhan Investment Corp., Samsung Securities Co., KB Securities Co., Leading Investment & Securities Co., DAOL Investment & Securities Co., Kiwoom Securities Co., Yuanta Securities Korea Co., Hana Financial Investment Co., Hanwha Investment & Securities Co. and SK Securities Co.
Source: Yonhap News Agency