South Korean banks' combined net profit more than doubled on-year in the first six months of 2017, government data showed Tuesday, led by lower loan-loss provisions and higher interest income.
Combined net profit at local banks soared 171.4 percent to 8.1 trillion won ($7.18 billion) in the first six months of 2017, compared to 3 trillion won a year earlier, the Financial Supervisory Service said in a statement.
"The growth was mostly because loan loss expenses were reduced by 5.7 trillion won during the first six months of 2017," the FSS said in the statement. It said such developments were possible as restructuring in the shipbuilding and shipping industries was nearing an end.
Combined interest income stood at 18 trillion won for the six-month period, up 1.1 trillion won from a year ago.
The FSS data did not break down the results for each bank. (Yonhap)