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asset managers-Q3 earnings

Asset management firms' profit climbs 12.5 pct in Q3

SEOUL, Dec. 8 (Yonhap) -- Asset management firms in South Korea saw their combined net profit improve from three months earlier in the third quarter on a sharp rise in non-operating income, data showed Friday.

The combined net income of asset management firms here came to 431.9 billion won (US$325.6 million) in the three months ended September, up 48 billion won from the previous quarter, according to preliminary data from the Financial Supervisory Service (FSS).

The tally marks a 19.4 percent rise from the same period last year.

The increase was largely attributed to a rise in non-operating income, which more than doubled to 190.6 billion won in the July-September period, from 85.1 billion won three months earlier.

Operating income dropped to 341.6 billion won from 414.4 billion won over the cited period, with the firms' fees and commissions revenue falling 3.6 percent on-quarter to 985.4 billion won.

Their return-on-equity, a major gauge of profitability, inched up 1 percentage point to 11.9 percent over the said period.

Total assets under management came in at 1,465.3 trillion won as of end-September, up 1.5 percent or 21.9 trillion won from three months earlier.

There were 465 asset management firms here as of end-September. Of the total, 216 posted a net profit while 249 logged a loss in the third quarter, the FSS said.

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