South Korean banks 1quarterly interest income 15.8trillion won, net income 6.7trillion won
South Korean banks 1in quarterly interest income 15.8trillion won, marking a record high. Net income over the same period was 6trillion 7,000hundred million won, while non-interest income plunged amid rising market interest rates.
South Korean banks 1earned 15.8trillion won in quarterly interest income. This was reported as a record high. Total net income across the banking sector for the same quarter was 6trillion 7,000hundred million won.
Rising market interest rates boosted earnings by lifting interest income. By contrast, non-interest income reportedly plunged. Articles reported that the decline in non-interest income 1affected the earnings trend for the quarter.
Performance varied by type of bank. Net income at commercial banks increased year on year by 1.6%. Net income at internet-only banks increased over the same period by 45%.
Local banks 4% increase. The scale and structure of the increase varied by bank. For some financial institutions, improved results were driven more by interest income.
In the non-life insurance industry, Big5’s results diverged. Samsung Fire & Marine Insurance 1reported that it achieved exceptional growth in the quarter. Other non-life insurers saw relatively smaller growth.
Financial institutions disclosed interest and non-interest items in their quarterly reports. Investors can check the figures disclosed for each item. 1Quarterly results were reflected in each company's quarterly report and made public.