SEOUL, March 23 (Korea Bizwire) — South Korean brokerage firms saw their combined net profits plunge in 2022 due to a fall in transaction fees and shrinkage in profits from stock and bond markets, data showed Thursday.
The combined net profit of 58 brokerages stood at 4.51 trillion won (US$3.47 billion) last year, compared with a record-high 9.09 trillion won tallied a year earlier, according to the data from the Financial Supervisory Service.
The decline was driven by less income from transaction fees, which dropped 22.5 percent on-year to 13.02 trillion won.
Their profits from investment in stocks and bonds also dived 80.2 percent and 70.5 percent, respectively, to 337.1 billion won and 637.7 billion won last year.
Their profits from derivatives, however, jumped by nearly fivefold to 5.15 trillion won.
At the end of December, their combined assets stood at 608 trillion won, down 2.1 percent from the previous year, the data showed.