Shinhan Investment Securities said on Wednesday its first-quarter net profit rose 167.4 percent from a year earlier to 288.4 billion won.

Operating profit rose 228.5 percent over the same period to 386.4 billion won. The company said this was the result of a sharp expansion in fee-based income. First-quarter operating revenue increased 90.2 percent to 701.5 billion won, and fee income rose 111.7 percent to 407.4 billion won.

By segment, brokerage commission performance improved sharply. Brokerage commissions surged 216.1 percent to 293.5 billion won, while fee income related to financial products rose 70.5 percent to 28.3 billion won.

The investment banking segment posted 42.6 billion won, down 24.0 percent from a year earlier. It rose 7.6 percent from the previous quarter.

Product management income came to 162.3 billion won, up 269.0 percent from a year earlier, and it swung to a profit from the previous quarter. Net interest income was 131.7 billion won, down 0.5 percent from a year earlier and down 10.3 percent from the previous quarter.

Operating expenses rose 25.4 percent to 315.1 billion won. Selling, general and administrative expenses rose 24.8 percent to 244.8 billion won, and fee expenses increased 69.0 percent to 70.4 billion won.

A Shinhan Investment Securities official said stock brokerage commissions rose and product management profit and loss improved due to an increase in trading value driven by a strong stock market. The official said profit and loss also improved sharply from the previous quarter, which had been weak due in part to a decline in valuation gains on securities.

The official explained that the company posted solid results across all business areas, including stock brokerage commissions and fees from investment banking and financial products, lifting operating profit and net profit sharply from the previous quarter.