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SC Bank Korea's H1 net slips on increased reserves

Earnings 16:35 August 14, 2023

SEOUL, Aug. 14 (Yonhap) -- Standard Chartered Bank Korea said Monday its first-half net profit edged down from a year earlier on increased loan-loss reserves and costs.

Its net profit stood at 209 billion won (US$157 million) in the January-June period, down 1.4 percent from a year earlier, the local unit of British banking giant Standard Chartered Bank said.

Its operating income rose 6.4 percent on-year to 278 billion won in the first half, but its net profit sank on increased costs and reserves.

Its interest income surged 15 percent on-year to 584 billion won, and its non-interest income soared 32.1 percent to 173 billion won over the cited period.

The bank's return on equity, a key measure of profitability, stood at 7.93 percent in the first half, down 0.56 percentage point from a year earlier.

The lender's ratio of nonperforming loans rose 0.14 percentage point to 0.31 percent at the end of June.

Standard Chartered Bank Korea said its capital adequacy ratio, a key barometer of financial health, had reached 20.39 percent as of end-June. The ratio measures the share of a bank's total capital to its risk-weighted assets.

The Bank for International Settlements, an international organization of central banks based in Basel, Switzerland, advises lenders to maintain a ratio of 8 percent or higher.

In 2005, the British financial group took over the financially troubled First Bank of Korea.

The headquarters of Standard Chartered Bank Korea in central Seoul (Yonhap)

The headquarters of Standard Chartered Bank Korea in central Seoul (Yonhap)


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