Foreign banks' profit drops amid lower interest rates in Korea
Foreign bank in Korea
Seoul - Yonhap
Local branches of foreign banks operating in South Korea saw their net profit decline in recent years, bogged down by a low interest rate trend and tighter financial regulations, data showed Thursday.
After peaking at 2.4 trillion won (US$2.2 billion) in 2009, the combined net profit of foreign branches has been on a downward path. It declined from 1.5 trillion won in 2010 to 1.3 trillion won in 2011, 1 trillion won in 2012 and 900 trillion won in 2013, according to the data gathered from financial records.
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