ID :
198022
Fri, 07/29/2011 - 10:21
Auther :
Shortlink :
https://oananews.org//node/198022
The shortlink copeid
KB Financial swings to black in Q2
SEOUL, July 29 (Yonhap) -- KB Financial Group Inc., South Korea's No. 2 financial holding company, said Friday that it returned to profit in the second quarter on improved interest margins and lower loan-loss reserves.
Net profit came to 817.3 billion won (US$776.1 million) in the April-June period, a sharp turnaround from a 217.4 billion won net loss a year earlier, the group said in a regulatory filing.
Revenue, however, slipped 3.5 percent on-year to 6.5 trillion won, and KB Financial posted a 1.2 trillion won operating profit, compared with a 291.3 billion won operating loss a year earlier.
Despite the bottom-line turnaround, shares of KB financial closed 2.42 percent down at 52,500 won on the Seoul bourse.
KB Financial said its net interest margin, a key gauge of profitability, reached 3.07 percent in the second quarter, up 0.01 percentage point from three months earlier.
Net profit came to 817.3 billion won (US$776.1 million) in the April-June period, a sharp turnaround from a 217.4 billion won net loss a year earlier, the group said in a regulatory filing.
Revenue, however, slipped 3.5 percent on-year to 6.5 trillion won, and KB Financial posted a 1.2 trillion won operating profit, compared with a 291.3 billion won operating loss a year earlier.
Despite the bottom-line turnaround, shares of KB financial closed 2.42 percent down at 52,500 won on the Seoul bourse.
KB Financial said its net interest margin, a key gauge of profitability, reached 3.07 percent in the second quarter, up 0.01 percentage point from three months earlier.
