S Korea's KEB Down on 1st Q Net Profit

By Park Sae-jin Posted : May 10, 2011, 13:08 Updated : May 10, 2011, 13:08
Korea Exchange Bank' first-quarter net profit fell 46.4% from a year earlier on a lack of exceptional gains, Wall Street Journal reported.

KEB said its net profit was 198.55 billion won compared with 370.74 billion won a year earlier. The year-earlier figure was restated to meet International Financial Reporting Standards, which became mandatory in South Korea Jan. 1.

Accroding to the Journal, the bank posted a 136 billion won exceptional gain in the first quarter of 2010 related to the sale of its shares in Hynix Semiconductor Inc. KEB said it booked 148.2 billion won in loan-loss provisions in the first quarter, but added that its overall business operations remained firm and its capital position remains strong.

“As the company looks to the future, KEB is dedicated to maintaining its leading position in its areas of historic strength, further expanding its product and geographic breadth, and continuing to manage credit risk rigorously,” the bank said to the Journal as saying.


(아주경제 송지영 기자)
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