April 27, 2024
Economy
AMCs see Q1 profits fall 17%
[THE INVESTOR] Asset management companies in Korea saw their combined net profit decline 17.1 percent on-year during the first quarter, official data showed on June 7.
The combined net income of 175 asset-management firms stood at 112.1 billion won (US$100 million) for the January-March period, according to the data by the Financial Supervisory Service.
During the quarter, fees and commission revenues dropped 9.1 percent to 471.1 billion won, it said.
Compared with a quarter earlier, however, their combined net profit surged 62.9 percent.
Of the 175 AMCs, 102 firms reported a net profit during the first quarter, according to the data. Their combined return on equity stood at 8.9 percent for the quarter, up 3.3 percentage points from three months ago.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The combined net income of 175 asset-management firms stood at 112.1 billion won (US$100 million) for the January-March period, according to the data by the Financial Supervisory Service.
During the quarter, fees and commission revenues dropped 9.1 percent to 471.1 billion won, it said.
Compared with a quarter earlier, however, their combined net profit surged 62.9 percent.
Of the 175 AMCs, 102 firms reported a net profit during the first quarter, according to the data. Their combined return on equity stood at 8.9 percent for the quarter, up 3.3 percentage points from three months ago.
By Alex Lee and newswires (alexlee@heraldcorp.com)
