Overseas branches of Korean financial firms report 660 mln in 2016 profits

SEOUL, April 7 (Yonhap) -- The combined net profit of overseas branches of South Korean financial firms rose 33.3 percent on year to US$660 million last year, government data showed Friday.

Korean financial firms operated a total of 407 branches in 44 countries as of the end of last year, up 14 from a year ago, according to the data by the Financial Supervisory Service (FSS).

Their total foreign assets stood at US$113.1 billion as of the end of 2016, the FSS data showed. Compared to the size of the foreign assets, their profitability is still low, the FSS said.

In a statement, the FSS asked financial firms to make efforts to improve the profitability of their overseas branches.
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