Busan Bank`s Q3 net profit increases 6.4 pct

SEOUL, July 23 (Yonhap) -- Busan Bank, South Korea's leading provincial lender,
said Wednesday its net profit climbed 6.4 percent in the third quarter from a
year earlier on decreased loan-loss reserves.
Net income stood at 83.7 billion won (US$71 million) in the July-September
period, compared with 78.7 billion won the same period last year, the lender said
in a regulatory filing.
Revenue, however, plunged 29 percent on-year to 677.4 billion won, with operating
profit also falling 3.5 percent to 110.1 billion won, Busan Bank said.
Compared with the previous three months, net profit jumped nearly 19 percent
thanks to a stable net interest margin and a reduction in provisions against
risky loans, the bank said in a separate statement.
Shares of Busan Bank was trading at 14,150 won as of 1:00 p.m., unchanged from
Tuesday's close.
As of the end of September, the rate of non-performing loans, or lending overdue
more than three months, stood at 1.39 percent, down from 1.58 three months
earlier. Its capital adequacy ratio, a key measure of financial strength, was
14.79 percent, it said.
pbr@yna.co.kr
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