SEOUL, March 27 (Korea Bizwire) — Overseas branches of South Korean banks saw their combined net profit rise 23.9 percent on-year to US$807 million in 2017, thanks to a decline in loan-loss provisions, government data showed Tuesday.
The total accounted for 7.7 percent of the combined net profit of banks operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS).
The combined interest income at 185 overseas branches gained 16.8 percent on-year to $1.58 billion, the data showed.
“In terms of geographical region, banks’ net income grew rapidly, especially in China, Japan and Indonesia,” it said.
Their average non-performing loan ratio stood at 0.9 percent as of the end of last year, compared with an average ratio of 1.18 percent for banks operating in South Korea.
At the end of last year, the total assets of overseas branches stood at $104.8 billion, up 9.4 percent from a year earlier, according to the data.