Profit plunges on drop in interest income at South Korean banks

05/5/2013 | MK.co.kr (South Korea)

Profits of South Korean banks fell nearly 45% in the first quarter from a year before as interest income plunged by 900 billion won, the Financial Supervisory Service reported. "The nation has seen a lower benchmark rate and more intense competition among banks this year. As a result, lending rates have declined faster than deposit rates did, leading to significantly lower interest incomes," an FSS official said.

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