Foreign banks operating in Korea posted an 8.3% increase in earnings for 2009, according to Korea’s Financial Supervisory Service (FSS).
According to the report, the net income of the 51 branches held by 36 overseas lenders operating in South Korea rose from KRW 2.22 trillion in 2008, to KRW 2.41 trillion won (US$2.1 billion) in 2009.
This increase was due to lower borrowing costs, which saw their combined net interest margin (NIM) increase to 2.24% from 1.52% in 2008.
The full Korean report can be viewed on the FSS website here, or for a summary in English see the Yonhap story here.
(Sources: FSS, Yonhap)
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