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| (Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] In the second quarter of 2024, securities firms' net profit decreased compared to the first quarter, primarily due to worsened fund-related profits, despite stable commission income.
According to the Financial Supervisory Service's report on 'Securities and Futures Companies' Operating Performance for Q2 2024' released on the 6th, the net profit of 60 securities firms in Q2 amounted to 1.77 trillion KRW. This represents a decrease of 734.9 billion KRW (29.3%) from Q1's 2.51 trillion KRW. However, compared to the same period last year, net profit increased by 732.7 billion KRW (69.1%).
Key revenue sources for securities firms, such as commission income, remained stable at 3.22 trillion KRW, similar to the previous quarter. Corporate finance (IB) commissions slightly decreased to 859.6 billion KRW. Custody commissions totaled 1.57 trillion KRW, down 3.5% due to reduced trading volumes in stocks. However, asset management fees increased by 16.7% from the previous quarter to 352.8 billion KRW, driven by higher investment advisory fees.
Proprietary trading profits decreased by 11.3% to 2.97 trillion KRW, reflecting reduced fund-related profits due to a slowdown in the stock market and lower collective investment securities valuation gains. Other asset profits totaled 561.6 billion KRW, a decrease of 14.8% from Q1. General and administrative expenses remained stable at 3.03 trillion KRW.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
