Overseas Operations' Net of S. Korean Banks Jumps 95.5% in 2011 

(MENAFN - Qatar News Agency) South Korean banks saw total earnings from overseas operations soar 95.5% last year from a year earlier thanks to a sharp drop in credit loss and a turnaround in securities related income, the country's financial regulator said Wednesday.

Net income by 93 overseas units and branches operated by 11 local banks stood at US721.6 million in 2011, up from 352.5 million for the previous year, according to the Financial Supervisory Service (FSS).

The stronger bottom line came after banks' credit loss shrank 68.4% on-year to 112.1 million from 354.8 million in the previous year, the FSS said, according to (Yonhap) news agency.

It added that a positive turnaround in securities related profits and gains in interest income contributed to better earnings.

Securities related income reached 153.3 million from minus 116.0 million in 2010, while interest income rose 4.3% on-year due to lower costs of borrowing money. It said foreign outlets registered 1.18 billion in interest earnings last year from 1.13 billion in the previous year.

Total assets of the foreign operations reached 64.0 billion as of the end of 2011, from 56.5% tallied a year earlier, with so-called return of assets gaining 0.58 percentage point to 1.19%, the regulator said.