South Korean banks post profit

China Daily (Canada) - - BUSINESS -

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.

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