Seoul: Asset management firms in South Korea saw their combined profit almost double in the first quarter from three months earlier on a rise in commission income, data showed Monday. The combined net income of asset management firms here came to 1.47 trillion won (US$959 million) in the January-March period, up from a net profit of 767 billion won three months earlier.

According to Yonhap News Agency, the increase was largely attributed to a rise in commission income. The companies' combined operating income came in at 1.35 trillion won in the first quarter, up 474 billion won, or 54 percent, from the previous quarter. Their commission income surged 9.5 percent on-quarter to 1.89 trillion won last year.

Their return-on-equity, a major gauge of profitability, stood at 31 percent at the end of March, up 13.9 percentage points from a year ago. Total assets under management stood at 2,355.7 trillion won as of end-March, up from 2,189.1 trillion won a year earlier, according to the latest findings. There were 511 asset management firms here as of end-March, the FSS said.