Consumer financing firms see profit grow overseas

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Consumer financing firms see profit grow overseas

The combined net profit of overseas branches of Korean consumer financing companies rose 10.6 percent on-year in 2018, data showed Tuesday.

Overseas branches of such firms, or credit-specialized financial firms, posted a combined net profit of 105.3 billion won ($89.2 million) last year, up 10.1 billion won from a year ago, according to the data by the Financial Supervisory Service (FSS).

Korean consumer financing firms were operating 41 overseas branches in 15 countries at the end of last year.

Most of the overseas businesses were in Asia, including Myanmar, Vietnam and Indonesia, the FSS said.

Their total foreign assets stood at 11.8 trillion won as of the end of 2018, up 11.7 percent from a year earlier, the FSS said.

Yonhap

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