Asset managers' Q3 net more than doubles on commission income gains

This undated file photo shows the logo on the building of the Financial Supervisory Service. Yonhap

Asset management firms in South Korea saw their combined profit more than double in the third quarter from a year earlier on a rise in commission income, data showed Monday.

The combined net income of asset management firms here came to 945 billion won ($643 million) in the July-September period, up from a net profit of 413 billion won a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS).

From three months earlier, their net profit also rose 10.4 percent, the data showed.

The increase was largely attributed to a rise in commission income.

The companies' combined operating income came in at 996 billion won in the third quarter, compared with an operating income of 391 billion won a year earlier.

Their return-on-equity, a major gauge of profitability, stood at 21.9 percent at the end of September, up from 10.6 percent a year ago.

Total assets under management stood at 1,868.8 trillion won as of end-September, up from 1,633.8 trillion won a year earlier, according to the data.

There were 505 asset management firms here as of end-September, the FSS said.