(LEAD) Meritz Securities Q3 net soars 56 pct on more fee income

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SEOUL, Nov. 5 (Yonhap) -- Major South Korean brokerage house Meritz Securities Co. said Thursday its third-quarter net profit spiked nearly 56 percent from a year ago thanks mainly to increased fee income.

Net profit came to 162.5 billion won (US$142.8 million) in the July-September period, up 55.7 percent from a year earlier, the company said in a regulatory filing.

Its operating income shot up 72.2 percent on-year to 208.1 billion won in the quarter, and sales rose 4.9 percent to 3.39 trillion won.

Meritz Securities said that despite the coronavirus pandemic, it registered record-high quarterly results thanks largely to more fee income stemming from a local stock market rally.

The brokerage house added its third-quarter earnings were also bolstered by good performances of trading, arbitrage and investment banking operations.

In the first three quarters of the year, Meritz Securities saw its net profit climb 7.4 percent on-year to 420.6 billion won, with operating income surging 26.7 percent to 574.5 billion won.

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