7 out of 12 Commercial Banks Make Profits in 2000

Korea Times (Seoul, Korea), January 17, 2001 | Go to article overview

7 out of 12 Commercial Banks Make Profits in 2000


Seven of the nation's 12 commercial banks earned profits last year thanks to restructuring, according to their respective informal business reports for 2000.

The profit makers are Kookmin, Housing and Commercial Bank (H&CB), Chohung, Industrial Bank of Korea (IBK), Korea Exchange Bank (KEB), Shinhan and Hana.

Kookmin Bank said Monday that it earned 720 billion won in net profit last year, the largest amount among the 12 commercial banks, following a profit of 107.9 billion won in 1999.

A bank official said that the higher profit was due to its efforts to trim its bad loan ratio and success in managing profit sources.

In terms of capital adequacy ratio, Shinhan Bank ranked on top, registering 12.5-12.7 percent, higher than the 8 percent minimum recommended by the Bank for International Settlements (BIS).

Housing and Commercial Bank (H&CB) netted a profit of 550 billion won last year, giving up its position as top dog in 1999.

The two healthy banks Kookmin and H&CB are currently in the process of being merged into a new ``super bank'' in July this year.

IBK came third, registering a better-than-expected net profit of 404.6 billion won.

Shinhan Bank, whose major shareholder is an ethnic Korean in Japan, came fourth with 360-390 billion won in net profit, according to its provisional report.

Other profit makers are Chohung with 110 billion won, KEB with 100 billion won and Hana with 21 billion won.

On the other hand, debt-ridden banks such as Hanvit, Seoul and Peace Bank, in which the government injected astronomical amounts of public funds, recorded huge net losses for the second year in a row.

Hanvit Bank suffered 2. …

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