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Biz News Korea(Eng)

Korea brokerage industry profit fall 40% on yr due to derivatives losses

Collected: 2016.08.30

Distributed: 2016.09.01

Source: Go Direct

South Korea’s 54 securities companies’ combined net profit fell more than 40 percent on year in the first half due to heavy losses in both spot and derivatives market.

According to preliminary figures reported to the Financial Supervisory Service, securities companies recorded net profit of 621.4 ($544.1 million) in the second quarter slightly increasing from 612.1 billion won in the first three months. Against the year-ago period, their combined first-half net profit shrank 43.3 percent. Losses from derivatives widened to 1.7 trillion won during the period from 674.5 billion won a year ago. Income from bonds increased 15.5 percent on year to 3.3 trillion won in the first half benefiting from the cut in the benchmark interest rate.

Net profit of six futures companies also fell 22 percent on year to 5.35 billion won in the first half.

By Choi Jae-won

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