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December 19, 2018

Banks report slight decline in Q1 profit

PUBLISHED : May 10, 2018 - 10:37

UPDATED : May 10, 2018 - 10:37

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[THE INVESTOR] Korean banks reported a 1.3 percent decline in their combined net profit in the first quarter of this year, due to a fall in non-interest income, data showed on May 10.

Combined net profit at the nation’s banks fell to 4.4 trillion won (US$4.06 billion) for the January-March period, compared with a profit of 4.5 trillion won a year ago, the Financial Supervisory Service said in a statement.

“The decline was mostly because non-interest income shrank 28.4 percent based on decreases in securities trading income and FX/derivatives income,” the FSS said.

Preliminary interest income for the quarter stood at 9.7 trillion won, up 9.9 percent from a year earlier, it said.

Loan-loss expenditures fell 43 percent on-year to 800 billion won as restructuring efforts in the sectors of shipbuilding and shipping came to an end, the FSS said.

The average net interest margin of the banks, a key barometer of profitability, rose to 1.66 percent for the quarter from 1.58 percent a year ago.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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