Data released on Monday indicates that the total profit of South Korean asset management firms nearly doubled in the first quarter, driven by an increase in commission income.

Preliminary figures from the Financial Supervisory Service (FSS) show that the combined net profit for these companies from January to March was 1.47 trillion won (approximately $9.59 billion), up from 767 billion won in the preceding three-month period.

The rise is primarily attributed to higher commission revenues.

Consolidated operating profit for the sector in the first quarter reached 1.35 trillion won, marking an increase of 474 billion won, or 54%, from the previous quarter.

Commission income grew by 9.5% quarter-on-quarter to 1.89 trillion won.

As of the end of March, the return on equity for South Korean asset managers, a key measure of profitability, stood at 31%, representing a 13.9 percentage point increase compared to the same period last year.

The latest data also reveals that the total assets under management for the sector reached 2,355.7 trillion won by the end of March, higher than the 2,189.1 trillion won recorded a year earlier.

The Financial Supervisory Service (FSS) reported that as of March's close, there were a total of 511 asset management companies operating in South Korea.