Shinhan Investment said on Wednesday its operating profit last year rose 73.3 percent from a year earlier to 488.5 billion won. Operating revenue increased 17.4 percent to 1.63 trillion won, and net profit rose 113 percent to 381.6 billion won.

The firm’s overall performance is seen as having recovered, helped by higher stock brokerage commissions on increased trading value amid a stronger stock market, along with improved IB fees and product management gains.

Brokerage commission revenue rose 45.2 percent from a year earlier to 563.9 billion won, while IB revenue increased 6.7 percent to 179.4 billion won.

On a fourth-quarter basis, both operating profit and net profit returned to the black. Operating profit was tallied at 25.9 billion won and net profit at 22.3 billion won.

Compared with the previous quarter, profit shrank sharply. Operating profit, which was 114.1 billion won in the third quarter, fell 118.3 percent in the fourth quarter, and net profit declined 78.2 percent over the same period from 100.5 billion won.

The drop in quarterly results was largely due to a reduction in securities valuation gains.

A Shinhan Investment official explained, “Domestic and overseas stock brokerage commission revenue improved, but net profit fell as securities valuation gains declined due to rising market interest rates.”