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securities firms-Q3 earnings

Securities firms' net income shrinks in Q3: data

SEOUL, Dec. 1 (Yonhap) -- The combined net income of securities firms in South Korea dropped from three months earlier in the third quarter amid a bearish stock market, data showed Friday

The combined net profit of 60 securities firms came to about 896 billion won (US$693.2 million) in the three months ended September, down 14.4 percent from three months ago, according to preliminary data from the Financial Supervisory Service (FSS).

Income from commission fees slipped 3.2 percent to 3.14 trillion won over the cited period, while the firms' operating costs gained 1.4 percent on-quarter to 2.73 trillion won, according to the FSS.

For the first nine months of the year, the firms' accumulated net profit reached 5.8 trillion won, up 22.9 percent from the same period last year.

Their return on equity (ROE) remained unchanged at 5.7 percent over the cited period.

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