Six foreign securities firms operating in South Korea reported a combined net profit of KRW 630.5 billion, or about $455 million, in the second quarter, according to Econovill as cited by Odaily. The group included JPMorgan, Goldman Sachs, Merrill Lynch, UBS, Morgan Stanley and Citigroup Global Markets. Their total net profit rose 213.8% from a year earlier and 133.3% from the previous quarter.
JPMorgan ranked first with KRW 204.5 billion in net profit, roughly $148 million. As of the end of June, the firm had just 87 employees in South Korea. Goldman Sachs posted KRW 137.1 billion, or about $98.9 million, in second-quarter net profit.
The report came as South Korean equities rallied sharply in the second quarter and the KOSPI index crossed 9,000 for the first time. Over the same period, foreign investors’ trading volume in South Korea’s securities market reached KRW 1,851.9 trillion, or about $1.34 trillion, up 312% year over year. Econovill said the sharp increase in trading activity was seen as one of the main drivers behind the earnings surge at foreign brokerages.
Six foreign securities firms in South Korea posted combined net profit of KRW 630.5 billion, or about $455 million, in the second quarter, as the country’s stock market rallied and the KOSPI crossed 9,000 for the first time.
According to Econovill, the firms were JPMorgan, Goldman Sachs, Merrill Lynch, UBS, Morgan Stanley and Citigroup Global Markets. Their combined second-quarter net profit rose 213.8% from a year earlier and 133.3% from the prior quarter.
JPMorgan led the group in quarterly earnings
JPMorgan ranked first with net profit of KRW 204.5 billion, or about $148 million. As of the end of June, the firm had only 87 employees in South Korea.
Goldman Sachs reported second-quarter net profit of KRW 137.1 billion, or about $98.9 million.
Foreign trading activity climbed sharply
During the same period, foreign investors’ trading volume in South Korea’s securities market reached KRW 1,851.9 trillion, or about $1.34 trillion, up 312% year over year.
Econovill said the sharp rise in trading activity was considered one of the main factors behind the earnings growth at foreign brokerages.
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