Korean overseas bank branches report 15% rise in profits

Published : Apr 14, 2017 - 10:10 Updated : Apr 14, 2017 - 12:57

Overseas branches of South Korean banks saw their combined net profit rise 15 percent on year to $650 million in 2016, thanks to a jump in incomes related to stocks and foreign exchange derivatives, government data showed Friday.

The combined interest income at 178 overseas branches gained 6.4 percent on year to $1.35 billion, while non-interest income jumped 54.8 percent on year to $724 million, according to the data by the Financial Supervisory Service.

(Yonhap)

Their average non-performing loan ratio stood at 1.1 percent as of the end of last year, compared to an average ratio of 1.42 percent by South Korean banks.

At the end of 2016, the total assets of overseas branches stood at $95.8 billion, up 8.5 percent on year.

The FSS attributed the growth to "increases in loans, cash and deposits and securities exceeding declines in account from headquarters and interbank loans." (Yonhap)