SEOUL-- South Korean brokerage firms saw their combined net profit dip 22.6 percent on quarter in the second quarter, due to a decline in commission fees as stocks eased, data showed Thursday.

The combined net profit of 58 brokerages stood at 2.31 trillion won (US$2 billion) in the second quarter, compared with a profit of 2.99 trillion won a quarter ago, according to the data from the Financial Supervisory Service.

The combined brokerage fees stood at 4.15 trillion won in the second quarter, down 8.7 percent from a quarter ago.

The brokerages posted a combined profit of 184.5 billion won in derivative-related products in the second quarter, compared with a loss of 189.4 billion won a quarter earlier.

At the end of June, the combined assets of 58 brokerages stood at 629.7 trillion won, up 1.7 percent from the end of March, according to the data.

Source: Yonhap News Agency