Daegu Bank`s H1 net nearly halves

SEOUL, July 28 (Yonhap) -- Daegu Bank, a South Korean regional lender, said
Tuesday its earnings almost halved in the first half of this year from a year
earlier on increased loan-loss reserves.
Net income stood at 80.6 billion won (US$65.2 million) in the January-June
period, down 45.8 percent from the same period last year, Daegu Bank said in a
regulatory filing.
Revenue, however, rose 1.2 percent on-year to reach 1.6 trillion won while
operating profit slumped 44.5 percent to 113 billion won, it said.
Second-quarter earnings surged 63.4 percent on-year to 50 billion won on
decreased loss provisions, the lender said, without disclosing revenue and
operating profit for the quarter.
Shares of Daegu Bank closed at 13,100 won in the Seoul bourse, down 2.24 percent
from Monday's close.
The bank said its non-performing loans, or lending overdue for more than three
months, reached 1.66 percent as of end-June, with total assets amounting to 31.2
trillion won.
pbr@yna.co.kr
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