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Bank earnings gain 26.4 pct in Q3 on higher interest income

2017/11/15 14:00

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SEOUL, Nov. 15 (Yonhap) -- Kookmin Bank and other South Korean banks reported a 26.4 percent rise in combined net profit during the third quarter of this year due to higher interest income, data showed Wednesday.

Net income at the nation's banks rose to 3.1 trillion won (US$2.78 billion) for the quarter, compared with a profit of 2.5 trillion won a year ago, the Financial Supervisory Service said in a statement.

"The growth was mostly because interest income increased by 1 trillion won," the regulator said in the statement.

Preliminary interest income for the quarter stood at 9.6 trillion won, up 1 trillion from the same period last year.

"This was because assets under management have risen 4.8 percent, while net interest margins grew by 0.12 percentage point," the statement said.

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