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S. Korean banks' Q2 net more than quadruples in Q2
제목 없음
South Korean lenders saw their earnings grow more than four-fold in the second
quarter from a year earlier, due mainly to decreased loan-loss reserves and
one-off gains from the sale of a stake in a local builder, the financial
watchdog said Thursday.
The combined net income of 18 local banks came to 5.9 trillion won (US$5.6 billion) in the April-June period, compared with 1.3 trillion won a year earlier, according to the Financial Supervisory Service (FSS).
The on-year surge came as reserves against bad loans sharply declined, the FSS said. The local lenders set aside a combined 2.6 trillion won in reserves against bad debts in the second quarter, compared with 5.6 trillion won a year earlier.
Their non-interest income more than doubled to 4.7 trillion won from 1.9 trillion won a year earlier, boosted by a stake sale in the country's top builder Hyundai Engineering & Construction Co.
Seven banks, including Kookmin Bank and Citibank, raked in a combined pre-tax profit of 3.2 trillion won from the stake sale.
Their interest income reached 9.8 trillion won in the second quarter, slightly up from 9.4 trillion won a year earlier, according to the FSS.
Date
2011.08.04
The combined net income of 18 local banks came to 5.9 trillion won (US$5.6 billion) in the April-June period, compared with 1.3 trillion won a year earlier, according to the Financial Supervisory Service (FSS).
The on-year surge came as reserves against bad loans sharply declined, the FSS said. The local lenders set aside a combined 2.6 trillion won in reserves against bad debts in the second quarter, compared with 5.6 trillion won a year earlier.
Their non-interest income more than doubled to 4.7 trillion won from 1.9 trillion won a year earlier, boosted by a stake sale in the country's top builder Hyundai Engineering & Construction Co.
Seven banks, including Kookmin Bank and Citibank, raked in a combined pre-tax profit of 3.2 trillion won from the stake sale.
Their interest income reached 9.8 trillion won in the second quarter, slightly up from 9.4 trillion won a year earlier, according to the FSS.
Source: Yonhap News (August 4, 2011)