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South Korean banks saw their combined net profit from overseas operations shrink 11.8 percent last year from a year earlier due mainly to a profit decrease in stocks and bonds investment, the financial regulator said Tuesday.
Net income of 139 overseas units and branches managed by 11 local banks reached $636.2 million in the January-December period of 2012, compared with $721.6 million the previous year, according to the Financial Supervisory Service.
The weaker bottom line came as their net profits from stocks and bonds investment plunged 70.7 percent on-year to $10.9 million over the cited period, dented by the protracted market slump, the FSS said.
The on-year decline in securities investment led their combined non-interest income to dip 12.9 percent as of the end of 2012 from a year ago, it added.
To brace for the turbulent market, banks set aside more reserves against possible loan losses, with the figure coming in at $200.6 million as of end-December, up 13 percent from the previous year.
In contrast, the overseas outlets’ combined earnings from foreign exchange derivatives made a turnaround last year to $15.6 million in net profit, from a $29.3 million net loss in 2011. (Yonhap News)
Net income of 139 overseas units and branches managed by 11 local banks reached $636.2 million in the January-December period of 2012, compared with $721.6 million the previous year, according to the Financial Supervisory Service.
The weaker bottom line came as their net profits from stocks and bonds investment plunged 70.7 percent on-year to $10.9 million over the cited period, dented by the protracted market slump, the FSS said.
The on-year decline in securities investment led their combined non-interest income to dip 12.9 percent as of the end of 2012 from a year ago, it added.
To brace for the turbulent market, banks set aside more reserves against possible loan losses, with the figure coming in at $200.6 million as of end-December, up 13 percent from the previous year.
In contrast, the overseas outlets’ combined earnings from foreign exchange derivatives made a turnaround last year to $15.6 million in net profit, from a $29.3 million net loss in 2011. (Yonhap News)
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Articles by Korea Herald
