SC First Korea Bank`s Q1 net jumps 50.9 pct

SEOUL, May 15 (Yonhap) -- SC First Korea Bank said Friday its earnings surged
50.9 percent in the first quarter from a year earlier, boosted by a growth in
retail and corporate banking businesses.
Net income stood at 211.1 billion won (US$167.7 million) in the January-March
quarter, compared with 139.8 billion won a year earlier, said the lender which is
controlled by U.K.-based Standard Chartered Bank.
Operating income grew 36.9 percent on-year to reach 266.8 billion won during the
cited period, the lender said, but it did not provide figures for revenue.
The bank's net interest margin, a key indication of profitability from lending,
stood at 2.29 at the end of March, down from 2.91 percent a year earlier, with
total assets expanding 33.7 percent to 79.13 trillion won.
The lender's capital adequacy ratio, a key measure of financial health, came in
at 11.83 percent, rising from 11.37 percent the previous year, it said.
Standard Chartered Bank took over Korea First Bank in April 2005 for 3.4 trillion
won and renamed it SC First Bank in September the same year.
pbr@yna.co.kr
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