KB, Shinhan soar in overseas net income as Woori, Hana struggle

The country’s four leading commercial lenders — KB Kookmin, Shinhan, Hana and Woori — posted a combined 10 percent increase in overseas net income in the first half of this year over the previous year, buoyed mostly by the stellar performance of KB Kookmin’s Indonesian unit, market watchers said Thursday. The strong performance of KB Bank’s Indonesian entity, formerly Bank Bukopin, was enough to offset poor revenue by Hana and Woori. According to Financial Supervisory Service data, the combined overseas net income of the four banks reached 465.3 billion won ($350 million), up 10 percent from the previous year. KB Kookmin Bank posted 72.7 billion won in net profit, a dramatic turnaround from last year’s 37.1 billion in losses. Central to the recovery was the bank’s efforts to reduce bad loans and revamp cost structures. KB’s appointment of a local CEO was effective in managing regional operations, with losses dropping to 53.8 billion won, or half of last year’s figure. Apart from the Indonesian entity, KB’s Cambodian operations also registered a net income of 111.8 billWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times