JPMorgan and 5 Other Foreign Brokerages Become Biggest Winners of Korean Stock Bull Market, Earning Over 630 Billion KRW in Q2 Net Profit

Odaily News According to data released by the Korea Financial Investment Association, six foreign brokerages—JPMorgan, Goldman Sachs, Merrill Lynch, UBS Securities, Morgan Stanley, and Citigroup Global Securities—collectively recorded a net profit of 630.5 billion KRW (approximately $450 million) in the Korean stock market in Q2 this year, up 213.8% year-on-year and 133.3% quarter-on-quarter. Their operating profit reached 828.9 billion KRW, up 220.7% year-on-year.

Among them, JPMorgan stood out the most, posting a Q2 net profit of 204.5 billion KRW (approximately $147 million), ranking first among the six foreign brokerages. Goldman Sachs, Merrill Lynch, and UBS Securities posted Q2 net profits of 137.1 billion KRW, 98.2 billion KRW, and 77.2 billion KRW, respectively, while Morgan Stanley and Citigroup Global Securities also achieved net profits of 59.9 billion KRW and 53.6 billion KRW. In comparison, the Q2 net profit of South Korea's 10 largest brokerages grew 141% year-on-year and 37% quarter-on-quarter (Econovill).