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Overseas branches of Korean banks see 22.2 pct rise in 2018 profits

All Headlines 06:00 March 19, 2019

SEOUL, March 19 (Yonhap) -- Overseas branches of South Korean banks saw their combined net profit gain 22.2 percent on-year to US$983 million in 2018, thanks to a modest rise in interest income, government data showed Tuesday.

The figure accounted for 8 percent of the combined net profit of banks operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS).

The combined interest income at 189 overseas branches gained 18.1 percent on-year to $1.86 billion, the data showed.

Financial Supervisory Service in Yeouido, Seoul (Yonhap)

"The pick-up mostly resulted from considerable increases in interest and non-interest incomes," the FSS said in a statement. "In terms of geographical region, net income increased the most in Hong Kong, China and Vietnam."

Their average non-performing loan ratio stood at 0.6 percent as of the end of last year, compared with an average ratio of 0.97 percent for banks operating in South Korea.

At the end of last year, the total assets of overseas branches stood at $114.2 billion, up 8.9 percent from a year earlier, according to the data.

kdh@yna.co.kr
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