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Overseas branches of Korean consumer financing companies see profit edge up in 2017

All Headlines 12:00 August 06, 2018

SEOUL, Aug. 6 (Yonhap) -- The combined net profit of overseas branches of South Korean consumer financing companies rose 0.9 percent on-year in 2017, government data showed Monday.

Overseas branches of such firms, or credit-specialized financial firms, posted a combined net profit of 95.2 billion won (US$84.6 million) last year, up 900 million won from a year ago, according to the data by the Financial Supervisory Service (FSS).

Overseas branches of Korean consumer financing companies see profit edge up in 2017 - 1

Korean consumer financing firms were operating 37 overseas branches in 15 countries at the end of June this year, the FSS said.

Most of the overseas businesses were concentrated in Asia, including Myanmar, Vietnam and Indonesia, the FSS said.

Their total foreign assets stood at 10.6 trillion won as of the end of 2017, up 20.7 percent from a year earlier, the FSS said.

In a statement, the FSS said it will continue to encourage consumer financing firms to make inroads into foreign countries.

kdh@yna.co.kr
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