Korea Exchange Bank 2009 net rises 13.9 pct

KEB-2009 earnings


SEOUL, Feb. 2 (Yonhap) -- Korea Exchange Bank (KEB), South Korea's No. 5 lender,
said Tuesday its earnings rose 13.9 percent in 2009 from a year earlier due to
lower loan-loss reserves and a one-off gain.

Net income amounted to 891.7 billion won (US$768.8 million) in 2009, compared
with 782.6 billion won the previous year, the lender, controlled by U.S. buyout
fund Lone Star Funds, said in a regulatory filing. Its fourth-quarter earnings
jumped 159.9 percent on-year to 306.4 billion won.
Sales declined 27.9 percent on-year to 16.4 trillion won and operating profit
fell 38 percent to 715.2 billion won, it added.
The lender said it plans to pay a dividend of 510 won per common share, marking
the fourth straight yearly dividend payout.
sooyeon@yna.co.kr
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