South Korean banks post profit
South Korean banks posted the biggest quarterly profit in six years thanks to a one-off factor, financial watchdog data showed. Net income of local commercial banks was 4.3 trillion won ($3.8 billion) in the January-March quarter, up 49 percent from a year earlier, according to the Financial Supervisory Service. It was higher than any first-quarter figures recorded in the past six years. One-off factors led to the banks’ earnings, including the South Korean currency’s appreciation to the US dollar that increased profits from foreign exchange-relevant derivatives.