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Banks’ overseas earnings rise 29%

Korean banks saw total earnings from their overseas operations jump 28.8 percent last year from a year earlier thanks to an increase in interest income, the financial regulator said Monday.

Net income by 92 overseas units and branches operated by 11 local banks stood at $369.1 million in 2010, compared with $286.4 million in the previous year, according to the Financial Supervisory Service (FSS).

The stronger bottom line came after banks’ interest income sharply expanded due to lower prices to borrow foreign currencies, the FSS said.

The foreign outlets registered $1.13 billion in interest earnings last year, up 16.2 percent from a year earlier, according to the FSS.

Total assets of the foreign operations reached $56.45 billion as of the end of 2010, up 4.9 percent from a year earlier, the regulator said. 

(Yonhap News)
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