Korean Banks Thrive on Sharp Rise in Non-Interest Income
The combined net profit of Korean banks increased by over 18% in the first half of the year, driven by a significant rise in non-interest income, despite a slight decline in interest income. The banks' net profit reached 14.9 trillion won, as reported by the Financial Supervisory Service.
- Country:
- South Korea
The financial landscape of South Korea saw a notable upward trajectory as Korean banks' net profits soared by over 18% in the first half of the year. This impressive growth stemmed largely from a surge in non-interest income, which effectively counterbalanced a minor dip in interest income.
According to the latest data released by the Financial Supervisory Service (FSS), the collective net profit of 20 banking institutions reached an astounding 14.9 trillion won, equating to approximately 10.66 billion USD. This marks a significant increase of 2.3 trillion won, or 18.4%, from the previous year's figures over the same period.
Despite a marginal decline in interest income by 0.1 trillion won (0.4%), now standing at 29.7 trillion won, the surge in non-interest income was notable. It rose sharply by 3.4 trillion won, or 53%, to total 5.2 trillion won, as highlighted by statistics from the Yonhap News Agency.
(With inputs from agencies.)
ALSO READ
South Korea, US to hold talks on timing of tariff cut on autos
Soccer-Shin returns to South Korea vowing to revitalise champions Ulsan
UPDATE 1-South Korea says timing of U.S. tariff cut on autos not decided
South Korea to offer visa-fee entry to Chinese tourists from late September
South Korea's former first lady 'sorry' about graft probe that plagued Yoon presidency
Google News