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Banks' Q1 net profit dips 18 pct on loan-loss provisions

Finance 12:00 May 13, 2020

SEOUL, May 13 (Yonhap) -- South Korean banks saw their first-quarter earnings decline 17.8 percent from a year earlier due to increased loan-loss provisions, data showed Wednesday.

The combined net profit stood at 3.2 trillion won (US$2.6 billion) for the January-March period, compared with a profit of 4 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement.

Preliminary interest income for the first quarter stood at 10.1 trillion won, down 0.2 percent from a year earlier.

Corporate logos of South Korea's leading banks (Yonhap)

Loan-loss provisions jumped 42.5 percent on-year to 1 trillion won, the FSS said.

The average net interest margin of the banks, a key barometer of profitability, stood at 1.46 percent for the first quarter, down 0.15 percentage point from a year ago.

entropy@yna.co.kr
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