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Banks' Q3 net profit falls 7.1 pct on loan-loss provisions

All News 12:00 November 12, 2020

SEOUL, Nov. 12 (Yonhap) -- South Korean banks saw their third-quarter earnings decline 7.1 percent from a year earlier due to increased loan-loss provisions, data showed Thursday.

The combined net profit stood at 3.5 trillion won (US$3.1 billion) for the July-September period, compared with a profit of 3.7 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement.

Preliminary interest income for the third quarter stood at 10.4 trillion won, up 1.3 percent from a year earlier.

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

Loan-loss provisions rose 1.2 percent on-year to 1.5 trillion won, the FSS said.

The average net interest margin of the banks, a key barometer of profitability, stood at 1.4 percent for the third quarter, down 0.15 percentage point from a year ago.


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