ID :
73915
Thu, 08/06/2009 - 08:55
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https://www.oananews.org//node/73915
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Korea Exchange Bank swings to black in Q2
SEOUL, Aug. 5 (Yonhap) -- Korea Exchange Bank (KEB), South Korea's No. 5 lender, said Wednesday it swung to a profit in the second quarter from three months earlier thanks to lower loan-loss provisioning and one-off gains.
Net income amounted to 238.2 billion won (US$195 million) in the April-June
period, a turnaround from a loss of 74.8 billion won three months earlier, the
lender, controlled by U.S. buyout fund Lone Star Funds, said in a regulatory
filing. Compared with a year earlier, net profit dipped 3.3 percent.
Sales rose 36.7 percent year-on-year to 4.66 trillion won while operating profit
declined 10.7 percent to 280.1 billion won, it added.
"Lower reserves to cover possible loan losses and an eased fall in net interest
margin helped the bank return to profit last quarter," a KEB official said.
The lender booked an after-tax, one-time income of 136.8 billion won by selling
its stake in Hyundai Engineering & Construction Co. in May.
Net income amounted to 238.2 billion won (US$195 million) in the April-June
period, a turnaround from a loss of 74.8 billion won three months earlier, the
lender, controlled by U.S. buyout fund Lone Star Funds, said in a regulatory
filing. Compared with a year earlier, net profit dipped 3.3 percent.
Sales rose 36.7 percent year-on-year to 4.66 trillion won while operating profit
declined 10.7 percent to 280.1 billion won, it added.
"Lower reserves to cover possible loan losses and an eased fall in net interest
margin helped the bank return to profit last quarter," a KEB official said.
The lender booked an after-tax, one-time income of 136.8 billion won by selling
its stake in Hyundai Engineering & Construction Co. in May.
