KEB sees profits plunge 86% on-year after blip in 2011

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KEB sees profits plunge 86% on-year after blip in 2011

Korea Exchange Bank (KEB), Korea’s No. 5 lender, said yesterday its second-quarter earnings tumbled 85.8 percent from a year earlier due to the absence of a one-time profit.

Net profit amounted to 161.1 billion won in the April-June period, compared with 1.13 trillion won the previous year, the bank said in a regulatory filing.

In the first half, KEB’s net income reached 475 billion won, down 64.3 percent from the previous year.

The bank’s net interest margin (NIM), a gauge of profitability, reached 2.43 percent as of end-June, down from 2.48 percent three months earlier.

Local banks put aside more loan-loss reserves in the second quarter, as the slowing economy is feared to bring about more bad debts. KEB set aside 149.3 billion won last quarter, up from 111.7 billion won in the first quarter.

Yonhap

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