S. Korea’s banks see 22.2% rise in overseas profits in 2018


0

The overseas branches of South Korean banks last year saw their profit climb 22.2 percent on-year, reflecting the rise in interest income, data showed Tuesday.

According to market watchdog Financial Supervisory Service, the banks’ overseas net profit stood at $983 million as of end-2018, which accounted for 8 percent of their total net profit.

The total asset volume of overseas businesses came to $114.25 billion, up $93.7 billion or 8.9 percent from a year earlier.

“The pick-up mostly resulted from considerable increases in interest and non-interest incomes,” the FSS said in a release.

“In terms of geographical region, net income increased the most in Hong Kong, China and Vietnam.”

The total asset volume of overseas businesses came to $114.25 billion, up $93.7 billion or 8.9 percent from a year earlier.

Expanding at a notable pace were loans and securities, which grew by $7.24 billion and $1.53 billion, respectively.

The average non-performing loan ratio in the overseas market stood at 0.6 percent, lower than the 0.9 percent average for the domestic market.

Korean banks also received Grade 20 in localization assessment and recorded Grade 3+ in headquarters globalization.

By Bae Hyun-jung (tellme@heraldcorp.com)


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format